@Mike9241
I've seen other posts that simply tell users to use one or the other?
From what I'm hearing from you, you're trying to:
1) Add the ordinary gains to the k-1 section in Turbotax with cost basis of 0
2) Provide the capital gains in the normal 1099-B section where we subtract/add by the adjusted basis given in the k-1 form + ordinary gain (so that we don't get double taxed on the ordinary gain)?
Wouldn't it be fine as long as it is in the k-1 form since it will take care of all those (capital gain + ordinary gain)?
Also, in my case, I don't have any ordinary gain for this, so do I simply compute the cost basis by what is given by 1099-B +/- the adjusted basis provided?
What I'm confused is that the K-1 provides a the already adjusted cost basis. What is that used for then? (which is different than 1099-B even before the adjusted one).
Much appreciated!
