TT Premier actually ask about the SALE of my PLP in the K-1 section. The cost basis that was reported on my 1099-B, and the adjusted cost basis from the "Sales Schedule" of the K-1 were, of course, significantly different. When I enter the information from the 1099-B I get a simple Loss (Purchase price - Sales price). But, the information I enter from the K-1 Sales Sckedule has and adjusted cost basis plus a "Gain Subject to Recapture as Ordinary Income" figure. The instructions with the K-1 tell me to enter the Cost Basis in Form 8949, Column E and the Gain in Form 4797, Part II, Line 10 and Form 8949, Column G. THIS QUOTE IS IN THE INSTRUCTIONS WITH THE K-1 : (Reporting this gain as a NEGATIVE adjustment in Column G of Form 8949 should generally result in the correct capital gain or loss)
Having said all this - I am still unsure if I report this once or twice. I have played with TT and if I report it twice, I DO get a different TAX COST.
