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Business & farm
You are correct. Use the K-1 to report the correct transaction details.
Regarding what was imported and now on Schedule D, adjust the cost basis to match the sales proceeds. This will bring the gain/loss reported to zero on Schedule D so that the tax is only paid once from the Schedule K-1 input.
This way, you will match the IRS forms as received.
March 2, 2021
10:48 AM