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Final K1 Statement Real Estate LLC Determining Adjusted Basis
Hi,
I invested in an real estate investment LLC. I have been trying to track my adjusted basis using the K1 statements I have received. I haven't included any of the K1 box 20, Other Information in any of the adjusted basis calculations. I've been trying to follow the IRS i1065sk1 worksheet.
The properties were sold in 2022 and distributions were made that year. I entered the K1 info as prior years. The LLC was dissolved last year (2023) and I received the final K1. I was wondering if I tracked the adjusted basis properly.
I checked the Final K-1 box, Partnership was discontinued during 2023 boxes.
I'm not sure if I need to also check the Partner sold or otherwise disposed of the entire interest in the partnership in 2023? Or if it matters.
On the"K1P Addl Info 2" Form, the checked boxes are
Box 1 (disposed partnership interest in 2023)
Box 3 liquidated partnership interest
I'm trying to figure out how I need to fill out the required sales info. Using the K1 info:
Box 5 Sales Price: 2362 (not sure on this amount since it's in the basis for 2023 as well)
Box 7 Basis of partnership interest: 39,028
Box 8 Total gain(loss): -36,666
Box 9 Ordinary gain(loss): 0
Box 11 Long-term gain(loss): -36,666
Any help and guidance is greatly appreciated.
Thanks
year | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
k-1 form 1065 | ||||||||
Part II | ||||||||
K | ||||||||
begin | 218 | 85261 | 85094 | 85748 | 85440 | 87291 | ||
end | 218 | 85261 | 85094 | 85748 | 85440 | 87291 | 39026 | |
total | -218 | -85043 | 167 | -654 | 308 | -1851 | 87291 | 39026 |
L | ||||||||
begin | 2404 | 26491 | 31460 | 34840 | 43020 | 47738 | 25075 | 0 |
capital contrib | 25000 | 25000 | ||||||
current year inc/dec | -42 | 101484 | -479 | -1432 | -862 | -1718 | -244 | 75 |
withdrawal/distrib | -2362 | -125571 | -4490 | -1948 | -2562 | -3000 | -2093 | |
end | 0 | 2404 | 26491 | 31460 | 39596 | 43020 | 47738 | 25075 |
Part III | ||||||||
box 1 - business inc/loss | 1238 | |||||||
box 2 - rental inc/loss | -42 | -5983 | -479 | -1433 | -1489 | -4509 | -1558 | 48 |
box 5 - interest inc | 1 | 1 | 1 | 2 | 1 | 1 | ||
box 9c - unrecap 1250 gain | ||||||||
box 10 - sect 1231 gain/loss | 106228 | |||||||
box 19 - distributions | 2362 | 125571 | 4490 | 1948 | 2562 | 3000 | 2093 | |
basis calc | 39028 | 41650 | 150780 | 155581 | 159615 | 163356 | 172715 | 64074 |