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June 1, 2019
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I received both 1099-B and K-1 for the same sale. 1099B cost basis is not available. How do I enter 1099B?

  • June 1, 2019
  • 1 reply
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Since 1099B cost basis is not available, should I only enter  all data in K-1 and ignore 1099B?

Best answer by Critter

You must enter in the K-1  and  report the sale on the 1099-B using the basis info from the K-1.  Failure to do both will get you an IRS audit letter. 

1 reply

Critter
CritterAnswer
Employee
June 1, 2019

You must enter in the K-1  and  report the sale on the 1099-B using the basis info from the K-1.  Failure to do both will get you an IRS audit letter. 

rshen40Author
June 1, 2019
1099 box 1d Proceeds $20,296. K-1 box 11 -$478, box L Beginning Capital $23,706, Withdraw & Distribution $23,227 which number should I use for 1099B Cost basis?