Investors & landlords

Don't use the K-1 interview for the Cap Gain/Loss calculations:

1. Use the K-1 interview for the 'ordinary gain' portion of the PTP sale, but not the capital gain/loss.  Do this by: 1) enter 0 for sales proceeds, 2) enter the ordinary gain numbers provided on the K-1.  Note that there will be two ordinary gain numbers, one for Regular and one for AMT, and 3) set your basis as the inverse of the ordinary gain (for example, if ordinary gain was 100 (regular) and 90 (AMT), set basis as -100 (regular) and -90 (AMT).  Doing this puts the ordinary gain into all the right spots on your tax return, but sets the capital gain/loss as $0 for both Regular and AMT.
2. Go the the 1099-B provided by your broker.  There will be a cost they provide, which usually isn't reported to the IRS and is incorrect since they don't see the K-1s.  This can be changed, so change it to whatever provides the correct cap gain/loss (you work out the cap gain/loss by using the sales schedule provided with your K-1).