I have tried to find the answer on my own and seems like the general consensus is that line 11C on schedule K-1 other income from USO has claimed a gain of $1243.00 for my share of the partnership and that I am supposed to enter that to an adjusted cost basis on IRS form 8949. I've searched and turbo tax says that they handle the form 8949 and I need to do nothing. I watched my tax owed go up by almost $200 after inputing the information on the K-1. I'm not a tax proffesional and depend on turbo tax to hep me all along the way.
If what I've described is the correct way to offset these unrealized gains I'm hoping someone can help me out step by step on how to enter them on turbo tax.
Thanks in advance for your help.
