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Linn Energy, LLC (LINE) Message Board

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  • fwb54 fwb54 Mar 5, 2012 10:16 AM Flag

    Tax Question regarding TurboTax..entering purchase dates

    I talked to Tubrotax for about 1 1/2 hours last week before I finally got someone who could answer the question.
    You can only enter one sale. He recommended totalling up all of the ordinary gain, and entering it there, and then adjusting your basis data in scheduel D to reflect both the basis adjustment and the ordinary gain. You will need to note on schedule D that you are altering the basis provided by your brokerage.
    As has been noted, the IRS probably avoids close audits of K1s unless there are major issues.

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