Thanks to everyone for their great input!
PatriciaV, can you please clarify the Original Cost in the section "Enter details from your form 1099-B." According to your post, you state that the Original Cost comes from the K-1 Sales Worksheet ("Supplement").
That is far different than what I actually paid, and what is shown on the 1099B. I just wanted to verify that we are to use the Worksheet Initial Basis amount (Column 4), and not what was actually paid. Please advise. Thank you!
- "Cost basis:
From K-1 Supplemental Info: Original Cost plus/minus Cumulative basis adjustments plus/minus Ordinary Gain/Loss from Section 751. - Example:
- Original Cost = $100,000
- Cumulative adjustment to basis = ($20,000)
- Ordinary Gain = 15,000
- Adjusted Cost Basis to enter = 100,000 - 20,000 + 15,000 = $95,000"
Also, under "Input Income and Deductions: .....Box 20 (Code 2): Section 199A information." shouldn't that read "Code Z" instead of "Code 2"?
Thank you!
