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Get your taxes done using TurboTax
@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].
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!