I've been following the discussion and have followed the TT note on the bottom of the K-1 regarding how to enter the proceeds, basis and gain.
However, when entering the basis, it doesn't allow a negative basis (I've been a long time holder so my return of capital exceeds my cost basis by $3,517). I can't override the entry nor will the "corrected basis" accept a negative amount. Also, since the APU sales schedule only reports a single cost basis, how do I calculate the long term from short term gain? Is the Column 7 "Gain Subject to Recapture as Ordinary Income" $9,574, is that separate from the calculation of Sales Proceeds minus Cost Basis?.
I'm still a bit confused and glad we have more time to sort this out.
To give you some data, my short term proceeds (per Fidelity) was $2,580.68 and the long term was $29,135.74. The Initial basis was $22,705, Basis Adjustment was $-26,222 so the basis was $-3,517. Recapture was $9,574 and AMT Gain/Loss Adjustment was $-734.
Also TT Note on K-1 says "Enter the 1099-B on Schedule D, checking the box A or B." This doesn't make sense as Fidelity reports the Short Term Proceeds as "Box B" and the Long Term proceeds as "Box E"
Further guidance is MOST appreciated.
Ken
