Regarding sale information for a schedule K-1, is the Sale Price the total amount I sold my shares for and the Partnership Basis the original cost of purchasing shares?

[CarolynM]

Yes.

Make sure you report the sale and indicate this is your final K-1 for this partnership.

[rsvihla]

It looks like the sale was reported on my 1099-B already. Do I report it in both places? Doing so adjusted my return in a way that suggested it was taking credit from both, which doesn't seem right. Also, what step in the process am I supposed to indicate it is my final K-1? I didn't see that come up.

[CarolynM]

You only report the sale from 1099-B; if you received a K-1, and entering the information, you will be asked if it is the final. You may not have received a K-1 if you sold the interest

[mneville333]

re K-1.  my long term investment real estate investment K-1 closed after many years.  there were a lot of people in the investment.  TT is asking me  what it sold for and I don’t see that anywhere on the K-1 form .  can i assume that the total distribution to me was the sale?  i need help with this.

[DavidS127]

It depends on what happened when the REIT "closed".  If all assets were sold and the trust was dissolved, your K-1 "boxes" will report the income amounts associated with that last year of operation, e.g., the capital gains you realized from the sale of the assets.  Also, in the year of disposition you can deduct any previously disallowed passive losses.  Then, separately, you have to report the disposition of the interest in the REIT (which TurboTax will ask you about when you mark that this is a Final K-1).  In the situation where the REIT was dissolved (rather than sold), when TurboTax asks about the proceeds of the disposition your sales proceeds are "zero" versus the cost basis you have in the REIT after all the "last year" transactions.

If you have questions about the specific transactions, the preparer of the K-1 is a good source of information.