And make sure you start your basis schedule and keep it up to date until you sell the units. This is critical. Without this you will not be able to accurately determine your final gain or loss on this investment.
See page 2 of the IRS K-1 instructions for some guidance on maintaining your basis schedule:
<a rel="nofollow" target="_blank" href="
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf">https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf</a>
*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.
