In reviewing the follow-up responses and giving this some thought, this all does in fact gel. As this is a PTP, the "sale" component is separated from the partnership.
Follow-up comments:
- Several questions were not answered, but based on what is being stated, at the end of the day, you should be reporting a gain on this sale.
- The K-1 reflects losses passing out to you in the amount of $55,091 as discussed previously.
- As a result of the losses, your basis in this investment is now $105,159.
- So if you received $173,396 in proceeds with a basis of $105,159, you have a gain of $68,237; this gain needs to be reported on Schedule D and form 8949.
- When you net the gain of $68,237 with the losses taken in your return ($55,091), you end up with a net overall gain of $13,146 which is what the brokerage statement is reflecting.
- You can either handle the gain calculation through the interview process, or show zero in the interview process and enter the gain manually.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
