PTP k-1 when sell PTP interests

[rodriguerex]

I sold my PTP partnership interest in 2024. To enter the sale, I believe that I input the sale price as 0, the partnership basis as cost basis plus cumulative basis adjustments, and ordinary income to match what I enter as the partnership basis. Correct? 

In addition to Box 20, how do you enter these amounts in TT and then record these Sales Schedule amounts:

Part III, Box 20

AB Section 751 Gain/(Loss): 409

AG Gross Receipts: 89

ZZ1 Gross profits: 39

ZZ6 Partner basis items and remedial items for section 163: -44

ZZ7 Partnership disposition gain/(loss) for section 163: -91

Sales Schedule

Cumulative adjustments to basis: -439

Cost Basis: 205

Gain Recapture as Ordinary Income: 409

AMT Gain/(Loss) Adjustment: -45

Bonus Depreciation Adjustments to Basis: -431

Bonus Depreciation Adjustments for Gain Recapture: 401

[PatriciaV]

To report the sale of PTP shares, you will need both Form 1099-B and Schedule K-1 Supplemental Information. This article provides a step-by-step process for this entry: How do I report the sale of Publicly Traded Partnerships (PTPs) or Master Limited Partnerships (MLPs...