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I received Schedule K-1 form 1065 from ETF (partnership). Same transaction is reported in Form 1099 B received from my Broker. How to adjust 1099B to avoid double tax?
The K-1 form (final K-1) has Cost Basis different (lower) from 1099B. It shows a capital gain as I liquidated it within 1 year. I entered both the form details in Turbotax. Now the choice is
1. Delete the entry for the ETF from 1099B transactions and keep K-1 only
2. Adjust the cost basis in 1099B transaction so that there is no capital gain from that transaction and keep K-1 capital gain only
Let me know which is the better of the two and is there any other options as well?
1. Delete the entry for the ETF from 1099B transactions and keep K-1 only
2. Adjust the cost basis in 1099B transaction so that there is no capital gain from that transaction and keep K-1 capital gain only
Let me know which is the better of the two and is there any other options as well?
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March 12, 2021
1:30 PM