Schedule K-1 partnership sale price

[xoxo232]

My late husband’s 1997 investment in limited partnership tax credit fund has disposed of all interests effective with my latest 2019 schedule K-1. Not sure if this is considered liquidation or sale but whichever one I pick TT won’t let me past “review” until I enter a sales price/estate valuation on line 5 of the K-1 Form 1065 worksheet. BUT note on line 5 says that sales price only needs to be entered “if box 1a(4) is checked” - but I DON’T have box 1a(4) checked! I DO have box 1a(1) checked which is “if sold partnership interest.” Finally, if I am forced to enter  a sales price, how do I know what it is? I did receive a check for my “pro-rated share of cash proceeds from liquidation.” Is that the sales price I need to enter? 

[xoxo232 · Accepted solution]

I'm going to answer my own question. I called Boston Capital Tax Credit Fund after I posted my question. Talked to a very nice and helpful woman who explained to me that:

1. Didn't matter whether I checked "sale" or "liquidation" in TT.
2. I should use 12/31/19 as the "sale date."
3. The "sale price" I need to enter into TT is the total of the two checks I received from disposition of the interests in the partnership. I received one check in 2016 when they sold partial interest and the final check a few weeks ago when they sold all remaining interests.
4. Where TT asked what the "Expense" was, I should leave it blank because there was no expense to me.