thank you for your response. I understand that there will be sales expenses so we will get something less than 4.2M. I don't have it in front of me but I think we bought it for 1.5M although we have done a refinance and taken cash out as well as depreciation. So my tax basis is -257K+395K=138K. Lets say we net sales price is 4.1M we pay off the loan 1.975M= 2.125M left over. My share would be 425k. Assuming there is no income or expense this year. I understand the k-1 will show me everything, but I'm trying to plan for my tax liability.
