Investors & landlords

did you hold TC thru a broker? if yes, and the exchange was taxable 99.999% likely you should see the reported sale on the 1099-B. the only thing wrong with this is the cost basis is wrong

 

 

you'll need t final k-1 to report properly.

there should be a sales schedule as a supplement because you need to determine your tax basis  the total gain and the amount of total gain that is ordinary income (section 751) with the balance being capital gain/loss

 

assuming the sale is taxable, you need to indicate on the TT k-1 it's final and a complete disposition was made

in the k-1 disposition info you list sales price only as an the 751 income cost as 0 ordinary income as sales price.

 

on the 1099-B which should indicate cost basis not reported to IRS you'll need to change that to the computed basis

 

should be something like this from sales schedule

purchase price/initial basis

plus cumulative adjustments to basis (if minus sign then that reduces basis a plus or no sign increases basis)

plus 751 income reported/gain subject to ordinary income recapture (verbiage varies but should refer to form 4797)

 

 

for 199A there may not be a Schedule A but an unlabeled supplementary schedule. line 20Z1 should have the 199a info.

 

 

there is no k-2 or k-3 so ignore those boxes if checked,.