Thank you very much for this detailed explanation! It was very helpful! I did forget to mention a few other boxes in my K-1 as well. (You already knew that :)) Here is a total full picture of my K-1 part III:
5 Interest Income: 56
6a ordinary income: 31
11 Other Income(loss): C -55,114
13 Other Deductions: W 64
20 Other Information: 87
I think after I calculate all these numbers, the K-1 reconciled. -55114-64+56+31= -55091 (it should be my cumulative adjustment to basis)
I found the place in TT 1099B interview to adjust the cost basis to increase my capital gain (which should offset by the K-1 loss).
However, I am confused by this " When you enter the K-1, it will ask you about the details of your sale. Simplest approach is to enter 0 for sales and 0 for basis (in the K-1 interview). Doing that will prevent TT from doing anything to your 1099-B. "
I thought I will just enter whatever on my K-1 since I already adjust my 1099B basis to have a large capital gain to cancel the loss in K-1?
Should I change any number on my K-1 input on Turbo Tax?
So now, I will just change my 1099B cost basis on TT and I have inputted the same number as shown K-1. Let me know if there is anything else I need to do. I really appreciate your help!!
