What is "Basis of Partnership Interest" in Part II Line 7? Getting error message looking for input. What is it looking for and where do I find the answer?
See attachment-1 for specifics.
042260
1 Best answer
ToddL
New Member
Jun 4, 2019 12:51:38 PM
The "Basis of Partnership Interest" is what you paid for the investment, less any cash distributions you received plus your share of any income reported on the Schedule K-1s from 2015 and 2016.
4 Replies
ToddL
New Member
Jun 4, 2019 12:51:38 PM
The "Basis of Partnership Interest" is what you paid for the investment, less any cash distributions you received plus your share of any income reported on the Schedule K-1s from 2015 and 2016.
ToddL
New Member
Jun 4, 2019 12:51:40 PM
The "Basis of Partnership Interest" is what you paid for the investment, less any cash distributions you received plus your share of any income reported on the Schedule K-1s from 2015 and 2016.
allenbond
Level 1
Mar 27, 2020 1:39:59 PM
Since I've been doing my taxes with TurboTax since 2015, it's frustrating that TurboTax just can't do the math from those previous tax forms.
Rick19744
Level 13
Mar 27, 2020 2:07:37 PM
It's not the responsibility of TT to maintain the basis of a partner's interest in the partnership.