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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?
‎April 15, 2021
10:04 PM