@timoooshy TT's K-1 interview is generic for all sorts of partnerships, and it can produce problematic results when used with PTPs: 1) you eliminate a 1099-B coded B/E and replace it with one coded C/F, changing what the IRS expects; 2) partial sales can result in recognition of passive losses (not allowed) or suspension of capital losses (not allowed); and 3) you can't enter mixed long/short transactions. That's why, from an advice standpoint, its easier to direct everyone to a methodology that always works: use the provided 1099-B for Cap Gain/Loss; use the K-1 only for Ord Gain.
As to the actual numbers involved, understand that the broker doesn't see your K-1 (so has no idea what adjustments should be applied to your original purchase) and the partnership doesn't see what your broker provides (so doesn't know what you sold for, and may not even have a good record of what you originally paid). You're the only one who sees both, so you have to put it together. Your basis on the 1099-B will always be
[your original purchase price, based on your records (which hopefully match the broker's records)] +
[the adjustments provided on the K-1 sales schedule] +
[any Ord Gain reported on the K-1 sales schedule]
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
