is everything the same on the 2 k-1's . sometimes what happens it that a PTP merges with another PTP. then you get 2 k-1's one for the original and one for the merged. there should be different ein's or names and the numbers should be different. if you use the online version of TT you will need premier. if you use desktop any version should work
for each k-1's (if in fact they are not the same) enter each one separately on a partnership k-1 form indicate they are final and that they were sold.
for the one without the sales info use the quickzoom got to part 2 to fill in sales info. use sales price of 0 and basis as 0 (when there's a merger the cost basis of the first is transferred to the second)
on the second do the same except for the sales price use the ordinary income reported on the sales schedule and o for the cost.
here's the difficult part, your broker will report the sale to the IRS but not the tax basis. the 1099-b will show a cost but that will not be correct because partnership activity that affects basis is not taken into account.
you can use the sales schedule to compute your tax basis for determining capital gain/loss on sale
or
how to compute tax basis short method. in section L of the k-1 that has the sale you will see various info assuming tax basis is checked proceed as follows
add beginning capital, capital contributed one or the other may be 0) if the current year increase (decrease) line is positive add it other wise subtract. also subtract the amount in box 19A (this may be 0) this is your tax basis before taking into account any income recapture reported on the sales schedule. add the income recapture reported on the sales schedule. this is your tax basis for determining gain or loss and goes on form 8949.
the long method is to take each k-1 and ad or subtract each item affecting basis.
if tax basis isn't checked in section L then the long method may be needed.
if you used TT in prior year,when you start 2019 and transfer data from 2018, (transferring data must be the first step taken before starting return this will transfer the carryover numbers.
if you did not use TT in 2018 the k-1 input contains section A where you can manually enter it.
