Final K-1 PTP

[hmosbergea]

PTP purchased and sold in 2020.

k-1 Line 11C = -3767 (Instructions:report on Form 6781)

Short Term @ 40% (-1507) Long Term @ 60% (-2260).

K-1 ownership sales schedule:

700 shares Purchase Price = 3734, Cumulative Adjustments to Basis = -3769,

Cost Basis = -35.

But, brokerage statement, Form 1099B, doesn't agree.

200 shares Proceeds = 558, Cost Basis = 1170.

700 shares Proceeds = 1953, Cost Basis = 3734.

Don't know where the additional 200 shares came from or what adjustments to make on Form 8949.

Any suggestions?

[sjrcpa · Accepted solution]

1. Client can ask the broker about the 200 units.

2. Brokerage firms report original cost as basis. For partnerships, basis actually equals original cost + K-1 income - K-1 deductions & losses - distributions.