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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.
Also keep in mind the date of replies, as tax law changes.
‎June 4, 2019
3:17 PM