@x_m_z Any untaxed cash you receive, any non-cash K-1 items that lower your taxes, both lower your basis. Similarly, any non-cash K-1 items that raise your taxes also raise your basis.
So as examples:
- The dividends and interest listed (267 and 65) will raise your basis since they raise your taxes.
- The ($2738) straddle loss lowers your taxes, so also lowers your basis.
In theory, all the items on the K-1 would add to the -3745 you see as 'current year net income'. However, the codes you listed aren't all supported by TT, and I also don't see how the numbers you listed can be combined to equal -3745. So I wouldn't blindly reduce your basis by 3745 until you've verified that you've actually got tax losses that match that amount flowing elsewhere in your return.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
