Hi All,
I have a Windows TT. I have last K1 for construction project (where I was an LP) which finished last year i.e. all houses were built and sold. I got my cashier check for initial investment + gain last year. I have passive loss carryforwards. Can you please guide me how to fill out last K1 in TurboTax Desktop?
Understood that I need to select "This partnership ended in 2023" - what about next?
If I click "Complete Disposition" (but is it a disposition when partnership dissolves?) then my passive loss carryforwards automatically apply i.e. I can ordinary income tax deduction; if I pick other choices then I see that passive losses are suspended. Then I pick "Liquidated Partnership Interest" and then I have to put "Partnership basis" and "Sale Price" - that is what confuses me as I did not sell anything and what do I need to put there? If I put the same $ amount (partnership basis = sale price or zero and zero) then return looks good i.e. I get LT gain from 2023 and can deduct all my passive loss carryforwards.
Hope for your advice.
