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@Anonymous You calculate your Cap Gain/Loss using the Sales Schedule that came with the K-1.  Because your broker doesn't see the K-1, the cost they report is wrong.  You have to change it in the 1099-B interview.

 

The correct cost is worked out on the K-1 Sales Schedule (not the TT interview -- the schedule itself).  You take your original purchase price and reduce it by the "cumulative adjustments to basis" on the Sales Schedule.  Let's say that gives you $100.  If you sold for $300, you'd have a total profit of $200.  BUT, part of that $200 is being reported as "Ordinary Income", so that comes out and your Capital Gain/Loss is what's left over.  So say Ordinary Income is $40, then you'd have $160 in Cap Gain.

 

Or, your cost basis for the 1099-B is your [purchase price]+[Cum Adjustments (which is a negative number)]+[Ordinary Income].

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