If you no longer own any interest in the publicly traded partnership (PTP), then you would have a complete disposition. A 'Complete Disposition' will release ALL suspended losses, while 'Disposition not via a sale' may leave some in suspension. This may or may not apply to your case. The following information is summarized and at least in part included in the response by our awesome Tax Champ @Mike9241,which will guide you through the K-1 entry.
When you indicate this is the final K-1 --
- TurboTax will at some point ask for 'selling price' or some other terminology and this will be your final liquidating distribution.
- TurboTax will also ask about your tax basis and then enter this as well.
- I would expect the final K-1 to have a note regarding any Section 751. This would be your share of any ordinary income recapture on depreciation related to tangible assets. If you do have this information, your overall gain will not change, just the character and how to show this on the return.
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