thank you so much for your help,
hope you can help me with another issue.
I own some share of limited partnership and they provide me K-1 to fill out every year
, my partnership ended in 2023 when I fill out the tax return. I select the "complete disposition" option.
and enter the purchase date and sale date, the next section is entering sale information.
I enter sale price.
but I am confused on the partnership basis box.
on the sale sheet it gives me 2 options
1 -(purchase price/initial basic amount) @9379$ (this is what i paid to purchase these partners few years back)
2- cost basic $7463
which one is the correct on to fill out on section partnership basis
lastly on box ordinary gain on the sale sheet it gives me 2 option.
1- gain subject to recapture as ordinary income
2- gain subject to recapture as ordinary income
which one is use for option ordinary gain
thanks
