Hi...I have been reading all the threads on how to handle K1 for publicly traded partnerships like UCO (and USO). My best understanding is that I use TT K1 interview to report any "interest" (box 5 of K1), CG(L) (box 8), "Other Income" (box 11) and "other deduction" (box 13). This part seems to be straight forward. But then I use the "Sales Schedule" that comes with the K1 to make adjustments to (override) the Cost Basis ....i.e. change what shows up on 1099-B to what shows up in column 6 of the Sales Schedule.
Question 1: How am I doing so far?
Another issue is, in column 4 of the Sales Schedule, the purchase price (initial Basis) is completely different from what's on 1099-B (which is correct and is what I actually paid for the batch bought on that date). I have no idea why there is a large difference. My purchase pattern is simple. I buy 100 shares and then sell it before I buy another 100 shares....
Question 2: Do I ignore this and make adjustment to cost basis using the new cost basis that is in column 6 of the Sales Schedule?
I can provide screen shots, etc. if needed. I will wait for some feedback before I add a couple of other questions.
Thanks in advance to whomever will help me...
