AthanE
New Member

Get your taxes done using TurboTax

Check the link PatriciaV posted for IRS guidance.

Here is how I see your situation: your final K-1 deals with only 35 partnership units. In 2022 and 2023 you sold most of your units and any monetary value of those sales should have been addressed by your broker's 1099 statement. Any company (K-1 issuer) transactions corresponding to your units ownership at the end of the year were addressed by the previous K-1 forms.

For 2024 any monetary transactions (as a unit owner) are addressed by your broker 1099 statement. Your broker monthly statement right before you sold the units should show you the average cost and cost basis of each tax lot.

Any company (K-1 issuer) transactions corresponding to your units ownership are addressed by the current (2024) K-1 form.

You may consult your broker statement for the cost/loss and purchase/sale expenses of the 35 units. Previous years’ unit transactions are addressed by the previous years’ K-1 forms.