Hello
I've sold UVXY ETF last year (held for short term) and Robinhood reported the sale in 1099-B as shown below:
Date Sold: 9/27/023
Date Acquired: Various
Qty: 20
Proceeds: $364
Cost Basis: $452
Gain/Loss: -$88
The 1099-B form says "Report on Form 8949, Part I with Box A Checked, Basis is provided to IRS. "Gain/Loss" is NOT reported to IRS.
Now, I also received Schedule K-1 for this transaction with below details:
Box L: Capital contributed during year: 452
Current Year Net Income (Loss): -136
Withdrawls: $ (316)
Box 5: Interest Income: 4
Box 11C: Other income (loss): -140
Box 20A: Other information: 4
Sales Schedule shows below details:
1. Shares Sold: 20
2. Sale Date: 9/27/2023
3. Sale Proceeds: Empty
4. Purchase Price/Initial Basis: 452
5. Cumulative Adjustments To Basis: -136
6. Cost Basis: 316
7. % Long Term: 0%
With above details, so far what I've done is this:
1. I've entered all details in K1 form in the tax software.
2. I've also entered 1099-B details that I received from Robinhood. However, I've corrected the cost basis to 316
3. I've entered details in Form 6781 as well (Contracts and Straddles) which took -140 as the short term loss in Line 1 of Form 6781
Am I reporting this correctly? How do I make sure I'm really getting 60/40% and whether above 3 steps that I did correctly or not?
Thanks
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You did it correctly as long as the "Enter Sale Information" in the K-1 portion of the interview is all 0s, calculating no cap gain or loss. That's how you avoid the K-1 creating an extra, incorrect 8949.
Net short term and long term cap gain/loss is 0 in box 8 & 9a of K-1 and I entered it exactly as is. My main worry was whether I should have entered different proceed to offset other than what is provided in 1099-B from Robinhood. But instead, I put in exactly same proceed and cost basis as what Robinhood's 1099-B has provided to me and then I adjusted the basis on next page and corrected with basis from K-1's value.
Hope, this is right. Please confirm.
When you entered the K-1, there's a section called "Describe the Partnership" where you should have checked "This partnership ended" (assuming this was a complete disposition). That will bring up questions in the K-1 interview about the sale. That's where you need to enter 0s. Everything else you did sounds correct.
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