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Business & farm
@PowerTaxer Doing it that way reports the correct Cap Gain in total, but I'm not sure that changing the Sales Proceeds number is the best way to do it. I say this strictly because I'm not expert enough to know whether the tax code uses your total proceeds in any other ways than Sched D.
Personally, I'd be more comfortable correcting the basis Robinhood supplied to the IRS (changing the 1950 to 1450). That's completely allowed, and if the IRS ever asks for an explanation you can just say "Robinhood doesn't understand the stuff they broker...." and then maybe add the bit about K-1 basis adjustments.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 4, 2021
8:00 AM