nexchap, I'm using your formula below to get my new cost basis but still don't think I'm doing it right. It shows I owe more tax (even though I sold at a loss). Can we use some actual numbers?
From 1099:
ST Noncovered: Proceeds $617 / Cost Basis $559 / Gain $58
LT Noncovered: Proceeeds $5898 / Cost Basis $7814 / Loss -$1916
From K-1 Sales Schedule:
Units Sold 145 / Purchase Price $8372 / Cumulative Adjustments -$1659 / Ordinary Income $1282
I understand from your replies that on the K-1 Interview I put $0 for Sale Price / Selling Expense and / Partnership Basis. Then $1282 for Ordinary Gain. Correct??
What is my new ST and LT Cost Basis for the 1099 Interview?
Thank you!
