Hello any suggestions on this
I own some share of limited partnership and they provide me K-1 to fill out every year
, my partnership ended in 2023 when I fill out the tax return. I select the "complete disposition" option.
and enter the purchase date and sale date, the next section is entering sale information.
I enter sale price.
but I am confused on the partnership basis box.
on the sale sheet it gives me 2 options
1 -(purchase price/initial basic amount) @9379$ (this is what i paid to purchase these partners few years back)
2- cost basic $7463
which one is the correct on to fill out on section partnership basis (purchase price or cost basis)
lastly on box ordinary gain on the sale sheet it gives me 2 option.
1- gain subject to recapture as ordinary income
2- gain subject to recapture as ordinary income
which one is use for option ordinary gain 1 or 2
