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Deductions & credits
One more question...my previous K1s for this investment listed interest income (Part III box 6) every year which I paid taxes on but didn't actually collect as it was added to my "capital account balance" every year in "Part II box L" of the K1. So since I paid taxes on it every year, I'm assuming I would add those amounts to my cost basis...in other words my cost basis would be the "ending capital account" in the last K1 I received? There were no other distributions paid, accrued or otherwise noted than these yearly interest income amounts in the box "L" (Partner's Capital Account Analysis). In summary, should the cost basis be the original amount I invested or the ending Capital Account Balance?
Thanks again for sharing your expertise!
March 8, 2023
5:07 PM