My mother passed away several years ago and part of my inheritance was assets in a partnership. I received these in February, 2018. Over the last several years, we have been slowly liquidating the assets and we finally had the last of the assets liquidated in Decmeber2020. Now I’m trying to fill in the info in Turbo Tax. In the K-1 forms and questions, I selected Complete Disposition and then Liquidated Partnership entered the dates when we first obtained the partnership and when it was liquidated. The program askes for the Sale Price (Is this the per share sale price?) selling expense (I think this is $0) partnership basis (not sure how to find that out), Ordinary Gain (I entered the value for Box 1 on the K-1 Form), and 1250 Gain (there is none in Box 9C). So if someone can tell me what to enter for Sale Price and for Partnership Basis, I’d appreciate it.
Yes. We wanted to just liquidate the assets when we first received them in 2018, but the partnership could only do that over several years. Our request to liquidate the assets was submitted when we first received them. So we have been getting periodic distributions over the past several years until we finally were able to completely liquidate them and close our interest in the partnership this year. T