- Based on the current facts, I am assuming that your K-1 reflects that the partnership is a PTP? >> Yes
- Since this is a flow-through entity, you should be maintaining a basis schedule of your investment. Have you been maintaining your basis schedule? >> I have all my K-1 since 2017 when I first bought the "EPD" through a broker.
- If bullet #2 is "no", then the alternative would be to use your K-1 section L as your tax basis.
- Assuming that your K-1 is marked "final"? >> Yes marked as final
- If my assumption is correct in bullet #1, then you should only be determining the gain in one place.
- My preference is to handle this in the K-1 section, which is reflected in your facts >> I also received a 1099B from my online brokerage so per notes in the form section, it says to put 0 for proceeds and cost in the K-1 section)
- Does the sales price you reflect in your facts agree to the distribution reflected on your K-1? >> sale price is my total proceeds from the 1099-B and partnership basis is the cost of purchase as per the 1099-B - if I put it as per the image above, it double counts the transaction, so I left it as 0 and am using the 1099-B to report it as a long term stock sale
- What was the K-1 activity; ie: trade or business? >> it was EPD stock.
Also now it appears to not be recognizing my QBI deduction (Section 199A reported gain/loss) over the years and TT is just showing only last years - not sure if the QBI deduction is going to matter
