Question

1099-B. I have a question about publicly traded stock of partnership. It is in non-covered securities. Box 1D has gross proceeds figure. Where do I input it on Turbotax?

Forum|Forum|5 years ago
August 26, 2020
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TurboTax Self Employed Online

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Anonymous

the same form as other security sales. your issue is that the cost basis on the 1099B is probably wrong. Brokers are not informed as to basis adjustments so they report as cost your original purchase price. But this is not your correct cost/basis. your cost/basis goes up by k-1 items of income and down by losses, expenses and distributions. schedule L may or may not contain your correct tax basis. the PTP should have provided you with a supplemental schedule to calculate tax basis and ordinary gain, if any, on sale.