When it comes to partnerships (partnerships issue K-1s) the "cost or other basis" reported on a 1099-B from your broker is wrong: your basis is determined from the K-1, and the broker doesn't see that. That's why the broker typically doesn't report the cost to the IRS.
You have to enter the K-1. And you have to use the information provided on the K-1 to determine the correct basis to use on the 1099-B.
Finally, its very easy in TT to double-report the sale. You've imported the 1099-B, which reports it. And if you enter the sale information into the K-1 interview, it will create a second 1099-B. Different people recommend different ways to work around this. My approach is to enter 0's on the K-1 sales screen (assuming you have no Ordinary Gain reported on your K-1 sales schedule) and make the basis adjustment directly on the broker-provided 1099-B. Below is a longer thread on avoiding K-1 / 1099-B double-counting.
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
