Question

How do i report short term PTP sale? Received 1099B and K1.

Forum|Forum|5 years ago
April 7, 2021
1 reply
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Do i report sale from 1099B or K1?

I've found it to be easiest to report it on the 1099-B, but you still need to enter the K-1 as well. The trick is to make sure that the Cap Gain only gets reported once. Here's a thread that discusses it in more detail: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale-of-mlp-shares-in-turbo-tax-i-sold-all-shares/00/776624

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!

A

Asia527Author

So I enter ordinary gain as $37,689 and AMT gain as -4,001? So my adjusted basis is my original purchase amount minus $21,762? Then my capital gain is sales proceed - adjusted basis - ordinary income? Thanks for your help?

N

nexchap

Sort of.

AMT gain is $4,001 less than Ordinary Gain, so $33,688.

Your overall cost basis is 21,762 less than your purchase price. So your TOTAL gain is sale price less overall cost basis. But that TOTAL gain is split -- part of it is taxed as Ordinary Gain, and part is taxed as Cap Gain. So you need to make sure the Cap Gain that appears on your 1099-B reflects that.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!