Business & farm

Thanks @Rick19744 

I may take another run at the basis in a while.

I have a question on the numbers I’ve entered so far.

From the K1

• 1 = -5137
• 9c = 19,076
• 10 = 41,576
• 19A = 37, 507
• 20AG = 44, 571

And for now I’ve used section L “beginning capital account” as the cost basis = 1,072

Here is what TT created as my Schedule D.

Should I be taxed on both of these capital gains??

• The investment gain = 37,507 – 1,072 = 36,435
• From K1 line 10 "new section 1231" = 41,576

Is TT doing this correctly? It seems like its duplicating the capital gains.