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Get your taxes done using TurboTax
There are two key steps:
- Figuring out the correct cost basis for your AGQ. Its not the $6000 you originally spent. Its going to be $6000 plus whatever adjustments to basis are reported on your K-1.
- Entering the actual sale. In the K-1 interview, when it asks you about the sale, the recommended way is to enter 0 for proceeds and 0 for cost. If you do this, the K-1 interview won't duplicate your 1099-B. If you instead enter values here, the K-1 will create a new 1099-B (code C or F) duplicating the one the broker sent you.
I always keep the K-1 from creating a new 1099-B. It seems simpler to me. So if you do that, you'll just need to adjust the cost basis on the 1099-B to reflect the correct number.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 12, 2021
8:37 PM