reporting of line 11c on schedule k1 and sale of shares

[rickhanson1]

My brokerage account form 1099B  that shows proceeds from share sales from a publicly traded partnership.  I also show other income on my K1 from 1065 line 11 with a code C.  Are the same and do I report both.

Thanks

[JamesG1 · Accepted solution]

The K-1 for a publicly traded partnership is reporting section 1256 contracts and straddles in box 11 code C.  Please see page two of the Partner K-1.

Does the 1099-B report the proceeds and gain or loss on the sale of that same publicly traded partnership?  Or a different publicly traded partnership?

I suspect that these are two different incomes and should both be reported on your tax return.

[rickhanson1]

Thanks

The sale transactions are from the same publicly traded company.  The fidelity statement shows each sale transaction with a gain or loss on form 1099 form B.  The K1 from shows a total gain as other income.

May need to have a tax advisor take a look.

Much appreciated

[KathrynG3]

The goal is to not report the trades twice.

Click the link for the 2019 Form 1065 Instructions for Schedule K-1, beginning on page 4 for PTP's.

[GioB]

The 1099b cost basis provided by your financial broker, should likely be adjusted (using f8949 column e/g), so it matches the cost basis as shown or calculated from the K-1. item 11c losses or gains from K-1 will flow to form 6781. Assuming you sold all shares, it should net out between the revised 1099b and f8949 on schedule D. If you are holding PTP ETF shares over multiple years, there may be carryover between years, which will net out on the final year of selling shares.  Yup, it's confusing. Consult your tax advisor.