reporting the sale of a PTP is a little complicated but I will try to simplify it for you
the Broker should have reported the sale in the section which says the cost basis was not reported to the IRS. this is because the only info they know is what you paid for it. income/losses/credits/distributions are not reflected becuase they don't get that info
so Blackstone should have provided you with a sales schedule to allow you to compute the correct gain/loss------
you will need to fill in the sales proceeds (say column 4) and original purchase/cost amount ( say column 5) (NOTE a different number would be required if the stock was inherited or there was a previous wash sale that affects current basis)
there will be a column prefilled with cumulative adjustments to tax basis (say column 6) (this is income/loss/credits/distributions since you held the PTP)
next you need to compute the total gain or loss (say column 7) if column 6 contains positive numbers add the amount to column 5 amount, if column 6 has negative numbers net column 5 and 6 . this is your tax basis
subtract the tax basis from the sales price in column 4 to arrive at column 7. this is your total gain or loss
next see if there is a column labeled ordinary gain (say column 😎 if all zeros or not present column 7 is all capital gain - but you need to determine short-term and long-term. if there are amounts in column 8 reduce the total gain column 7 by this amount. the remainder is capital gain
now that yo know what the capital and ordinary gain are you need enter the amounts in the proper place on the k-1 and 1099b
in forms mode look at the k-1
there is a section final/amended k-1 - you need to complete it. click on the quickzoom icon to enter disposition information. you should now see part II disposition of partnership interest answer questions 1 through 4
line 5 and 7 enter $0 enter the ordinary gain, if any from column 8 on line 9.
you are now done with the k-1
one more step. if you imported the security transactions from your broker, you will need to change the cost/tax basis to what was computed - see above. if not you'll need to manually enter the sales info.
