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Investors & landlords
You can add the income reported from your K-1 entry to the cost basis on the 1099-B entry to avoid a double taxation issue.
First, report the form 1099-B transaction like you normally do. When you enter the sale and cost basis information you will see this screen:
Click on the "I'll enter additional info on my own" option. You will then see a screen where you can add the correct cost basis, where you add the income reported on the K-1 schedule. The difference will show up as an adjustment on your schedule D.
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March 18, 2020
1:26 PM