Hello Expert hope you can give me some advice!
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. which is $12,500.0
but I am confused on the partnership basis box.
on the sale sheet it gives me 2 options
1 -(purchase price/initial basic amount) @9379$ (this is what I paid to purchase these shares originally)
2- cost basic $7463
which one is the correct on to fill out on section partnership basis box 1 or 2
thank you.
