Skip to main content
Level 3
May 11, 2021
Solved

Final K-1 PTP

  • May 11, 2021
  • 1 reply
  • 10 views

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?

This topic has been closed for replies.
Best answer by sjrcpa

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.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
May 11, 2021

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.

The more I know the more I don’t know.