Since we are post filing deadline, not sure if you have filed the return, however, I will add some commentary:
- Your response to the Section 1250 should be "yes". You have disposed your interest in the partnership.
- Your cost basis figure is not correct; it should be $52,251 resulting in no gain or loss upon the disposition.
- The sale of the business property is correct as this is gain recognized at the partnership level and passed through to you. So while you pick this up as income, it also increases your tax basis.
- Also, since this is a passive activity, I am assuming that prior losses were suspended if you did not have any other passive income. Any prior suspended losses were freed up as a result of the disposition. This could most likely be a component of why you are getting a refund. Not positive as I can't see your return and this forum is not conducive to technical reviews such as this.
- Don't panic. If you go back and determine if something is incorrect, just amend your return. Not a big deal. Happens all the time.
- You may be best suited to have a meeting with a tax professional to verify your return is correct.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
