ok. Hard to be certain in matters such as this, but this is what I think or you should check on:
- If you received any final distribution, this amount was included in Section L on the appropriate line. This number should be actual distributions.
- I assume that you have not maintained your own basis schedule. As such, we will need to rely on what is provided on the K-1 since "tax basis" box is checked.
- Since tax basis is marked on the K-1, all your partnership activity for the current year is (should) be appropriately reflected in Section L.
- If the distribution figure as discussed above is actual, then we will use the ending balance in determining your overall loss.
- Since there is a balance remaining, this means you have a capital loss on this investment. The easiest way to reflect this on TT is to enter the following on the applicable form 8949 or questions related to the sale of the partnership interest:
- Sales Price - zero
- Basis - what ever the ending balance is on your Section L of the K-1
- If you don't know the exact date of the disposition, just use 12/31/2017
- The Section 1250 unrecaptured gain will only come into play if you other capital gains on this years tax return. This may increase your capital gain tax rate to 25%
*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.
