Business & farm
@Mike9241
Hi Mike,
Can you verify I inputted the correct partnership basis? I don't understand why I'm seeing a gain and a loss on schedule D.
BACKGROUND
On 1099B, I sold 185 shares of EPD for $4690 w/cost basis of $3939 for a $751 gain.
The K1 Sale schedule lists:
Purchase Price: 3939
Adj to basis: -1652
Cost Basis: 2287
Ordinary Income gain 1818
On my tax return the EPD transactions show as follows:
The 1818 is showing up on line 8 of the 1040
$751 is showing up on Sched D / 8949
-1233 (4690 - 5923) is showing up on Sched D / 894
I don't understand why the cost basis is $5923....
