taxalex
Returning Member

Business & farm

I think I've almost figured it (thanks to the extremely helpful people in this thread like @nexchap ), but have 2 remaining questions:

 

1) Why does the Purchase Price / Initial Basis Amount reported in my 2020 Sales Schedule (K-1 from USO) differ from the Cost or Other Basis reported in the 1099-B (from Robinhood)? It differs by about $167. Because of this, none of the numbers add up. I can still subtract the Cumulative Adjustment to Basis (since mine is negative), but I don't end up with the new Cost Basis (as reported in the Sales Schedule)? It looks like @PowerTaxer had the same issue. Does this matter?

 

2) Why do I enter 0 for sales price and 0 for basis on K-1 itself when it asks about the sale?