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Business & farm
TT doesn't track a partner's tax basis, which is why there is no question.
However, each partner is responsible for tracking their tax basis in order to determine; allowable losses, tax impact of distributions, gain or loss upon exiting the partnership.
This can easily be done in excel.
If you do a google search you can most likely find a template out there.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
April 14, 2023
7:38 AM