topic Parnership K-1, Item L in Business & farm

Parnership K-1, Item L

anza — Thu, 12 Sep 2019 19:54:34 GMT

Are we required to enter the information from Item L on the K-1 into Turbo Tax? Turbo Tax says it isn't mandatory to enter the information in Items J and K. But I'm unsure about Item L. Thanks

Re: Parnership K-1, Item L

Anonymous_ — Thu, 12 Sep 2019 21:47:59 GMT

@anza wrote:

Turbo Tax says it isn't mandatory to enter the information in Items J and K. But I'm unsure about Item L.

You actually do not have to enter that information into TurboTax. However, for the sake of completeness and preservation, it is not a bad idea to enter it anyway.

Re: Parnership K-1, Item L

anza — Fri, 13 Sep 2019 05:54:55 GMT

I was hoping you could tell me how to figure out the cost basis from the sale of an MLP? I sold all my shares in a few in 2018 and understand that I have to adjust the cost basis on Form 1099-B to the corrected basis. Is this information provided on the sales worksheet I received with my K1? If so, how would I use the different numbers to arrive at an adjusted basis? Or do I have get all the previous K1s and add and subtract different lines to get to a correct adjusted basis? Is so, which lines on the K1 would I add and subtract from the original cost?

Also, I sold all the shares in one MLP this year but on two different dates. When I figure out the correct cost basis could I proportion it out over the two sales? I would divide the cost basis by the total shares I owned and then apply that cost per share to each sale. Would this be correct?

Thanks for all the help.