Thank you all again for the help. My new username is romakulus and my previous one was romakulus1. I have an update on the situation.
The LLC filed an extension and is finishing up the 2022 taxes. I contacted the CPA doing the taxes (different person from who did previous years) and let them know I would want the Section 1250 gain, etc. information. Well, I got my K-1 and the only Part III box with any amount in it is Box 2 (rental real estate income/loss). I called the CPA and asked about it. He said the partnership didn't have any hot assets, so I don't need to mess section 1250 capital gains, Form 4797, etc. He also said the partnership doesn't need to file Form 8038 even though I thought it would, so I provided him the information needed to file it. He said that for my personal tax return, I just need to calculate my basis in the property, subtract that from the amount I sold my share of the partnership for, and report that as a long-term capital gain on Schedule D.
I listened to his explanation then reiterated points about me having depreciation recapture, but he said I would not. The partnership owns/owned a small apartment building, which was depreciated over several years. I'm concerned about what he is telling me since it doesn't seem to follow what I've read about capital gains look-through rules, etc. He's a CPA and I'm not, so I would assume he knows what he's talking about, but it doesn't feel right. Thoughts?
