I’m looking for help on figuring what my net gain or loss is for a limited partner LLC that I received a final K-1 (1065) for 2019. I bought in 2018 and the partnership was closed in 2019. I am confused on how to calculate the basis, and do I need to make a separate entry for Schedule D. Also, how does the net long term gain amount on line 9a, which differs from the final distribution, factor in to reporting? Do I need to manually make the adjustments?
I only contributed cash in the first year, but on the final K-1 there is capital contributed during the final year, I assume by the partnership on my behalf, and current year net income, that is not reported elsewhere on the K-1. I do not know why, perhaps from investments or sale of assets? Are those numbers used to calculate the basis? Because those numbers, when added to the carried beginning capital balance zero out. So…I would have no gain or loss?
Contributed 200,000
2018 K-1
Box 1 -2,180
Box 2 -238,267
Box 19(A) 10,973
Box 20(Z) -2,180
Capital Account From 2018 K-1
Capital Contributed During Year 200,000
Current Year Increase (decrease) -240,447
Withdrawals and Distributions 10,973
Ending Balance -51,420
2019 Final K-1
Box 2 -1,726
Box 9a 227,637
Box 13(W) 62,080
Box 19(A) 232,750
Capital Account From Final K-1
Beginning Balance -51,420
Capital Contributed During Year 120,339
Current Year Net Income 163,831
Withdrawals and Distributions 232,750
Ending Balance 0
