On the K-1 for USO this year (bought and sold all within the same year), I show a loss of 3500 on 11C. No other income on the K-1. That part is fine as it gets reflected in Part 1 of form 6781 as a loss of 1400 in short term and a loss of 2100 in long term to reflect the 60/40 blended rate. My question is, What is the best way to reflect the offset in TurboTax? I realize I have to lower my basis on USO by this 3500 to offset the K-1 loss. The problem I see is that if I try to adjust the basis in TurboTax at the individual transaction level then it wants to do the entire offset of 3500 as short term . Is this ok? Or should I just leave the 1099-B data as is and manually add a 2100 gain to long term and 1400 gain to short term on my Form 8949 to do the offset. Thanks in advance for any help!
