Business & farm

No.

You should be maintaining a basis schedule of your investment in this activity.  This begins with your original capital contribution and is updated annually for the applicable lines on your K-1.

Once you update your basis schedule for the final K-1, you will then have the information to determine if you have an overall gain or loss on this investment.  This gain or loss is then reported on Schedule D and the applicable form 8949.

*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.

View solution in original post