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.
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To report your gain/loss for this investment, go back to the Schedule K-1 entry screens and follow these steps:
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.
I have spent hours trying to figure out how to do the K1 Sales Schedule. I've talked to 3 different TurbyTax people (including 1 CPA) and they don't know how to do it. 2 of them said to just enter the sales information with my 1099-B and not doing anything on my K1 about the sales stuff.
Can you reference an example of doing a K1 sales schedule. Maybe there is one that would go step thru step with it the way we need to.
Or can I enter the specifics of one of my K1s and have you show me exactly how to fill out the K1 sales schedule.
Any help would be appreciated. Ann
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