Hi,
How would I answer the TT interview for final k-1?
If this is reported on my 1099B:
Proceed= $1169
Cost Basis= $625
On the K-1:
Average Purchase Price/Initial Basis = 625
Cumulative Adjustments to Basis = -57
Average Cost Basis i= 598
Gain Subject to Recapture as Ordinary Income i= 183
AMT Gain/Loss Adjustment = -1
How would I answer the TT interview for final k-1 sale?
Sale Price
Selling Expense
Partnership Basis Regular Gain or Loss
AMT Gain or Loss
Ordinary Gain Regular Gain or Loss
AMT Gain or Loss
1250 Gain Regular Gain or Loss
AMT Gain or Loss
