Thanks Rick!
If I understand correctly, you're saying the liquidating distribution is the return of my capital funds plus my share of the proceeds from the sale of the building which is what I enter for sale price in Turbotax correct?
Regarding the 1250 gain yes my K1 provides this info. It makes no mention of any 751 gain though. I'm guessing because we held the building for only three years and didn't have to make any substantial improvements and only minor repairs.
This was a small unfurnished apartment building. Am I right in assuming that in this case there is no 1245 property to report?
