1099-B shows sale of partnership interest not reported on K-1
Hello,
My 1099-B shows sale of partnership interest by listing proceeds and cost for the items. However, the gain or loss column shows N/C, which means "Results may not be calculated for transactions which involve the repayment of principal, the sale of partnership interest, derivative products purchased in the secondary market, or the determination of ordinary income and/or capital items for discount and zero-coupon issues."
I've received a K-1 for this item, but these proceeds/costs were not reported on the K-1.
In Turbo Tax, I deleted the line items from the automatic import for the 1099-B, and entered as a "sale of partnership interest" in the K-1 section instead. I think the impact was nil on my tax due amounts, but just wondering how this should have been treated. Was my treatment appropriate?
Thanks in advance.
