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Investors & landlords
No. If the $2700 gain is coming from box 8 (and smaller other boxes) it is totally different from the 1099-B. You have two gains. One from the k-1 and one from 1099-B.
However, the 1099-B gain may be less than you think. Because your basis in the LP is adjusted by the $2700 ish you were taxed on. So the 1099-B gain, if you received $2k in cash for your LP interests, it seems seems to be a 700 loss. Is the basis provided on the 1099-B? That seems very unlikely.
think of the k-1 like getting dividends and reinvesting them. Even if you never get cash you still pay tax on those gains. when you sell those dividend reinvestment add to your basis reducing your gain.
For publicly traded partnership as you work through the k-1 sale/disposition section, you would enter zero for proceeds and zero for basis and report the correct proceeds and basis on the 1099-b entry.
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