Short answer:
Sales price and selling expense = 0
Partnership Basis = -64 and -61 (for the two columns)
Ordinary Gain = 64 and 61
1250 Gain = 24 and 24
This will get the Ord Gain and 1250 Gain to the right places. It will NOT deal with capital gain/loss (form 8949). You have to do this separately using columns 6 and 7.
Longer answer: All the above, but you have a problem in that your cost basis (column 6) can not be less than 0. At some point in the past, when it hit 0, you'd have to start handling the K-1s differently. This is a very complicated area, and you ought to consult with a tax preparer about the best way to address past filings.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
