Need help with K1 PTP and Sales schedule

For the Ordinary Gain line, you'd enter 9798 in the first column, and 9106 in the AMT column.  You want to keep TT from calculating any Cap Gain/Loss here since you already have a 1099-B, so for Partnership Basis enter -9798 and -9106.  On the next screen, you'll see that Cap Gain/Loss is 0.  But the Ord Income will transfer to form 4797.

On your 1099-B, you'll change the cost to report the correct Cap Gain/Loss.  The K-1 should walk you through the math, but its [purchase cost] less [cum adjustments] plus [Ordinary Income]

Note:  Edited to fix formula.  Originally entered "less [Ordinary Income]" which is wrong

I disagree enetering negative basis results in a gain twice the amount

basis should be entered as 0

ordinary income 9796/9796 (the amt adj is for the capital gain portion

then you need to adjust cost basis on the 1099-B

purchase price

less the adjustment to basis (assume it's a positive number) or add the purchase price and adj to basis as a negative (ex purchase price 26617-6617=20000)

add the ordinary income of 9796

so in my example the revised cost basis would be 29796

the amt adj to line 2k of 6251

you need to access the 6251 worksheet

you will come to  a line that says  disposition of property

there will be an amount  for regular tax.  reduce that by 692

then you will see a negative 692 on line 2k of the actual 6251

Hey, your advice from a couple years ago has been extremely helpful but what if the sale of the PTP is only a partial sale...how do you enter the ordinary gain on the K-1 so that it flows to form 4797 correctly but doesn't trigger passive loss carryovers to offset? Since my understanding is you cannot use passive loss carryovers until the entire asset is disposed of.  Thanks!