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Investors & landlords
There should be a sales schedule with the K-1 that shows exactly what your adjustments to basis are. It may be $1,924, or it may be higher if you also had distributions.
How you adjust your 1099-B will depend on whether its code A/D (basis reported to the IRS) or code B/E (basis not reported).
- If B/E, just change the number provided by the broker to whatever it should be.
- Id A/D, there will be a spot in the interview to make adjustments. You'll check the "incorrect basis" box and then TT will have you put in the correct number.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
May 18, 2021
10:21 AM