Thank you!
So from your reply, you are saying that my Tax Basis is equal to the Ending capital account as listed in Part II, section L of my K-1? (An earlier responder had replied that it should equal the Beginning capital account.)
I'm still not sure what to put as "Ordinary Gain", or "1250 Gain". I'm assuming the latter is nothing since I have no mention of 1250 Gain anywhere in my K-1. However, I DO have 2 distributions listed in box 19:
A - 1797
C - 174
When I enter this information into TT, the code C entry tells me I may need to file a new Form 7217. However, from another post, I assumed I didn't need to because of the following exclusion:
- Do not file Form 7217 if the distribution consisted only of money or marketable securities treated as money under section 731(c).
My distribution is only money. As a limited partner, I gave them some $ in 2018 to purchase land, and throughout the years, I have received $ as they sell some of the land. This final K-1 is the final cash distribution from the final sale of the land.
I looked at the instructions for Filing K-1 (page 26) that explains box 19, code C, and it lists a lot of information regarding adjusted cost basis, and that I need to file a form 7217.
This is what Part II, section L (Partner's Capital Account Analysis) reads:
Beginning capital account: 3604
Current year income/loss: -609
Withdrawals and distributions: 1971
Ending capital account: 1024
Please help me fill out the following section, and let me know if I need to file Form 7217 or not.
This is what I have filled out so far:
Regular Gain or Loss
Sale Price: 1797 (this was the check I received in 12/2024 for final sale, also listed in box 19, code A of K-1)
Selling Expense: 0
Partnership Basis: 1024 (this is the Ending capital account listed in Part II, section L)
Ordinary Gain: What do I put here?
1250 Gain: I assume I can leave this blank?
AMT Gain or Loss
Same Partnership Basis, Ordinary Gain, and 1250 Gain as listed above
Any help/advice is appreciated!
