Based on the research I've done the proper way is as follows:
- When you import your broker 1099 statement into TT, it will automatically fill out the sales and cost price entries for your trade(s), however the K-1 that you have received includes a "worksheet" with the instructions so that you can adjust your cost basis for your original trades. Doing this will incorporate any additional profits / losses the company incurred during the timeframe that was passed through to you as the unitholder. This is the part I understand.
-The real question is what do you do regarding the K-1 filing section? This part ALSO has a section where you fill out your Sales and Cost basis prices - if you fill it out here then you will be double-stating your profits or losses. I've seen elsewhere that you should just state your sales proceeds and cost basis on the K-1 section as 0 since you have already captured all this in your adjusted cost basis on your 1099.
1 - Is this correct?
2 - If No, then what is the proper way?
Thanks in advance!
