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What is the cost basis for the units sold. This is a public…

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What is the cost basis...
What is the cost basis for the units sold. This is a public partnership. The K-1 has a sales schedule show you how to calculate the cost basis. I am confuse with the negative # on column 6 (Adjustments to Basis) -8,678. I am not sure am I add column 5 and 6 together. is the cost 2019 or 19375. see attach
Submitted: 2 months ago.Category: Tax
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Answered in 11 hours by:
5/25/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 2 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,312
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Hey! I'm Carter, I'm a CPA and ran the calculation for you.

So, you are going to report the following:

Schedule D - Sales proceeds -$1895, Basis $10,697, Adjustments -$8,678, Loss - $21,270 (calculated as -$1,895 - $10,697 - $8,678)

On Form 4797 report $2,015 in Part II as an ordinary gain of $2,015.

That makes your overall loss, $19,255 which equals the $120 proceeds less $10,697 purchase price less the $8,678 adjustment.

Let me know if you have any questions. If not, please leave a rating. Thanks!

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Customer reply replied 2 months ago
why sales proceed negative 1895. how did you get it
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 2 months ago

You need to calculate that based on what your calculated capital loss is.

Basically, you have a total loss of $19,255. ($120 - $10,697 - $8,678). That loss needs to be distributed between ordinary gain and capital loss.

You have $2,015 of ordinary gain.

In order to get your capital loss - ordinary gain ($2,015) = $19,255, then you know your capital loss is $21,270 (check - $21,270 - $2,015 = $19,255)

For Schedule D, you know your basis is $10,697 and your adjustment is -$8,678 and your loss is $21,270. So, you need to plug the sales price to property calculate out that loss.

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Customer reply replied 2 months ago
If I put the negative 1895 in schedule D proceed column the amount would not be agree with the 1099-B which will be question by IRS.
Do you use Lacerte to do your taxes? I cannot find where you can put this 2015 ordinary in Disposition schedule
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 2 months ago
Yea, it will not receive to the 1099-B. The 1099-B doesn't take into account the ordinary gain from the 751 issues.
I do not use Lacarte.
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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 2 months ago

Hey! I just wanted to check in and see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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