@DavidD66 Thanks for the response. Yes, both properties were sold in the LLC and there were two distributions for the gains from each property sale, and then a return of initial capital invested. I'm not sure why this K-1 is not marked final K-1 if all the properties have been sold. It wasn't clear to me where the initial investment is deducted because I see values in the net rental real estate income/loss (box 2) shows a loss, there are also values in Unrecaptured section 1250 gain (box 9c), and Net section 1231 gain/loss (box 10).
I understand how the cost basis is done in a mutual fund sale (with 1099-B), but this type of investment isn't clear to me.
I can see the initial investment (from 2014) is tracked in the partner's capital account analysis (section L). Where each year distributions are subtracted since 2014 and the ending capital account value is shown.
It's also not clear if I can go back and enter in some where the prior years losses (from box 2 - net rental real estate income/loss).
But if this captures everything and I only update my ongoing k-1 for this investment, I understand.
Thanks
