Hello,
I have invested in a couple apartment syndication deals starting 2020 as a Limited Partner.
So I have accumulated some passive "losses" over the past 2 years.
In 2022 the first deal I participated in was sold. So I have a Net section 1231 gain for 2022.
Accounting for the previous "losses" my total gain would be near zero.
However when I added the info from the final K1 form, my federal tax return jumped quite a bit, from around 3k, to around 10k.
How can this be?
I called twice to get phone support but they see nothing wrong with the forms. The difference seems to be coming from schedule D, where somehow my tax basis was reduced from approx 25k to approx 17k.
