I just responded to your question on the PTP sale thread, and then saw this, so this same answer is there.
Not all PTPs report Ordinary Gain, so if its not on the Sales Schedule you don't have to deal with it.
- Enter your K-1, following the interview. This will let TT handle the K-1 entries and any losses received from the partnership. On the sale part of the K-1 interview, since you don't have any Ordinary Gains, you'd just enter 0 for proceeds and 0 for basis.
- Your 1099-B was likely code B or E (cost not reported to the IRS), so you're free to change it to whatever is necessary without needing to explain the change to the IRS. Change the cost so that the correct Capital Gain/Loss is reported to the IRS.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
