Entering K1 for limited partnership I sold during the year

[anniep23]

To avoid double charges, I believe I'm supposed to eliminate the 1099B entries that are provided by my broker. Then I'm supposed to enter the info on the K1 Sales Schedule and this is where I need help.  I'm not sure how to calculate the values on the K1 Sales Schedule.

[PatriciaV]

To report your gain/loss for this investment, go back to the Schedule K-1 entry screens and follow these steps:

1. Describe this Partnership; "This partnership ended in 20XX" and "Complete disposition."
2. Tell Us About Your Sale: "Sold Partnership interest." This allows you to report the gain/loss.
3. Enter Sales Dates: initial contribution date and date the investment shut down.
4. Enter Sale Information:
      Sale Price = 0
      Partnership basis = initial contribution adjusted for any activity from Schedule K-1. 
5. The next page displays the gain/loss summary for the investment.

Form 1099-B from the brokerage should report your sales proceeds. But your adjusted basis in the partnership will be incorrect. Enter the partnership sale only in the Schedule K-1 topic.

If you need help calculating your adjusted basis, see the IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership.