First of all, I understand that 0 must be entered for the Sale Price & Partnership Basis blocks in K-1 section. However, for step 2 where the cost basis in 1099-B section needs to be readjusted after being imported from my brokerage, thats where I am confused. In my case, I know when I inherited this PTP, my cost basis is 2500. Furthermore, my Schedule K-1 is showing an ORDINARY LOSS of -360 in BOX 1. So what am I supposed to do here? Is it add these 2 entries together where the ADJUSTED cost basis is now 2500 minus 360 = 2140 or am I supposed to increase the 2500 by 360 to compensate for this -360 which is later added during the shedule K1 interview. Therefore my ADJUSTED cost basis in Schedule D is 2860. PLEASE ASSIST. Reading the other comments got me REALLY CONFUSED.
