I sold interest in a PTP in 2017. Do I need to enter info provided by the PTP in Part III of the K-1 since I sold? It is a passive activity, if that makes a difference.

[Kathy4]

I acquired shares of a PTP in 2016 and sold in January 2017.  I have a loss of about $1300, and it would be short-term.  It is a passive activity.  I wonder whether I need to report the info in Part III of the K-1 since I sold the PTP?

Also, the PTP reports amounts in both box 1 and 2 of Part III.  It appears that I need to report two K-1s, even though it is one partnership.  Do I report all the sale information on both forms?

[PatriciaV · Accepted solution]

Yes, you should report all activity from Schedule K-1, as this was allocated to you based on the period that you owned the PTP.

If you have entries for both Box 1 and Box 2, you will need to enter two K-1's. Include the information from Part I and Part II on both entries. But report Box 1 and the sale on one entry, and only Box 2 on the other.