kindracpa
Level 3
2 weeks ago
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When entering the disposal of a PTP the software directs me to not enter the sale price and basis if the sale was reported on a 1099, which it was. The problem is that the original basis (purchase price) was $500,000 and the adjusted basis provided on the K-1 Sale Schedule shows an adjusted basis of -$1,500,000 as well as a 163(j) adjustment of $1,300,000. What is the correct way to enter this? Using the numbers on the 1099 show a much lower gain, but I do feel like this is correct. Any help would be greatly appreciated!
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