nexchap or Rick, will appreciate your time on this.. I have been racking my brains on this K1 and I read your answers to other questions where Section L with Tax basis checked apparently might just suffice for these basis calcs.. So in my case now.. I got rid of BBEPQ - sold for $5 this year.. So Final K1 will come next year..
In the meantime, this is what I see
2015
Beg Cap AC 0
Cap Contri 3754 <-bought here
Cur Yr Inc/Dec -117
With/Dist 125
Ending Cap AC 3512
2016
Beg Cap AC 3512
Cap Contri 0
Cur Yr Inc/Dec -1539
With/Dist 0
Ending Cap AC 1973
2017
Beg Cap AC 1973
Cap Contri 0
Cur Yr Inc/Dec 342
With/Dist 0
Ending Cap AC 2315
So these are all in Sec L... It looks like I could just use these in my case? So is my current basis 2315? and when I get my final K1 next year, is the loss then just $5 - $2315?
For 2017, Box 1 says 365$ so I guess I will have to pay taxes on that.. Next year, when I get out, I get to take the losses? What I feel strange about is that in a normal stock transaction case if I lost all 3754$, my losses would be $5 - $3754.. However with this basis now reduced, it seems like I lose out, its just $5 - $2315 now?
I have to amend 2016 for other reasons, so I can add in these (missed K1 in 2016), not sure if I need to go all the way back till 2015 - the amounts are small as well..
Thanks!
