@bhowe55 wrote:
I dont care about the loss, I just dont want to pay any gains. I dont want the $201460 payout at the closing to show on my taxes.
You do not have to be concerned with that if you have a loss. The $201,460 is, purportedly, less than your basis so you have a loss that will not be recognized if the property was held for personal use. On the other hand, you do not have a gain to report so this transaction will not appear on your K-1.
