Thanks @DaveF1006. That is helpful, but I guess what I'm really asking is, do I change the basis of my reported PTP shares on the 1099-B or do I do it elsewhere, such as Form 8949 or 4797? The "cost basis not reported to IRS" box is checked on the 1099-B. But when I leave the cost basis blank in the 1099-B, and then adjust it few steps later, Turbo Tax flags it as an error. Is it okay to put my own CB in on the 1099-B, changing what I imported from the broker?
If I go ahead and do that, entering the Cost Basis as reported in Column 6 of my K-1, that seems to put the correct amounts in the correct column on Form 8949, as the K-1 instructs. However, I've also got amounts in the Column 7 on the K-1 "Gain subject to recapture as Ordinary Income". It says this should put put in Form 4797 Part II Line 10, and Form 8949 Column G as a negative adjustment. I can't figure out how to make that happen in Turbo Tax. :(
