Definitely shouldn't be double counting anything. You're taxable income from the sale will show up in 3 places on the 1040:
- line 14: this is where you're Ord Gain will show up, after it flows through form 4797
- line 13: cap gain / loss will show up here, reflecting whatever you put onto the 1099-B
- line 17: if you had any losses on the K-1, or any suspended losses from prior years, a portion of them would be released and low to Sched E, and then to the 1040.
So if in doubt about the way you entered it, zero things out (set your 1099-B cost equal to revenue, and the K-1 sales worksheet to all 0s), record the values for those lines, then re-enter to see if things change by the right amount.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!