Where is Partnership Basis found on Schedule K-1

I have a Schedule K-1 (Form 1065) to report.  TT handles this form quite nicely under Business Income.  Most of the information is easy to enter.  However, I reach a page entitled Enter Sale Prices.  Under Regular Gain or Loss, it asks for "Sale Price" and "Partnership Basis".  I would suppose that would be... respectively... "Gross Proceeds" and "Cost Basis" as labeled on my 1099-B.  But if so, then I would be duplicating a Purchase and Sale.  It would end up in Form 8949 with Schedule D from the 1099-B and then also in Form 6781 from Schedule K-1.  That would not do.  And I Must enter it into 8949 and Schedule D from 1099-B.  Or, per my earlier question, does "Sale Price" and "Partnership Basis" mean something different?  What's the answer to this dilemma?
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    I was also worried about my capital gains/losses being duplicated from both the 1099-B and Schedule K-1s. I called TurboTax support and spoke with a representative. It turns out the stock sales imported from a 1099-B are added to a Form 8949, which is a worksheet used for Schedule D (capital gains and losses). The capital gains/losses from a Schedule K-1 are added to a second Form 8949. You can see them both in the "Forms" view of TurboTax. These two Form 8949s are added together for the Schedule D. So the TurboTax representative told me to remove the transactions from my 1099-B, since they are already taken into consideration as a result of being on a Schedule K-1. Hope others find this helpful.
    • Similar confusing!!  Partnership dissolved last Dec. after two years  with cash investment of $3000. K-1 shows -200 loss, and $650 ending capital. So what should be partnership basis? Sale price?  Any suggetion please??
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    • I have a similar question; I am not a K 1 expert. I believe "sales price" is gross proceeds. "Partnership basis" is the original 1099B basis adjusted by the two adjustment values from the sales worksheet which should be included with with your K1 package. No one but you has all this information. I believe both have to be entered in the "sales price/partnership basis" window in the K1 section.

      That leaves the duplication of entry problem that you refer to. If you find the answer somewhere I would appreciate it if you leave a comment here. Does TT eliminate the duplication? Do we have to delete the whole entry in the non -K1 section; or adjust the basis? Good luck.
    • Ok - so perhaps someone can go through the Enter Sales Price column by column - I cannot figure this out at all!
      Sale Price:
      Selling Expense:
      Partnership Basis:
      Ordinary Gain:
      1250 Gain
    • Hi gt
      Sales price is the gross proceeds from the sale. Selling expense is the broker's commision if it isn't included on the "sales price". Partnership basis comes from the sales worksheet that comes with the K1. It's the price you paid plus or minus the "adjustment to tax basis" on the worksheet. Ordinary gain is a value given on the worksheet. 1250 is a special situation which I have never had,

      After you fill all this out you still have the duplication of entry problem (talked about above). I am unable to find an answer for that.
    • have you found an answer to this? I think TT is doing the same for me - I bought and sold a publicly traded partnership and had a gain, but if I put this in the K-1 section of turbotax I would be duplicating the gain. If I remove from the 1099-B, it will be a red flag because it won't match what my broker sends to the IRS, so do I leave it on the 1099-B and not fill out the "I disposed of a portion of my interest" in the K-1 section?
    • I have the same duplication problem as nytrader except in my case it was a loss, not a gain. I bought and sold a publicly traded partnership and had a loss, but if I put this in the K-1 section of turbotax I would be duplicating the loss. If I remove from the 1099-B, it will be a red flag because it won't match what my broker sends to the IRS, so do I leave it on the 1099-B and not fill out the "I disposed of a portion of my interest" in the K-1 section? If I do that there are some deductions and ordinary income from the sale that will not carry forward.
      There is another problem associated with using the K-1 approach to the sale. It categorizes the sale on Form 8949 as "C," which says that no 1099B was received.
      Has anyone solved the duplication problem and the category problem?
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