As a partner in a partnership you should be tracking your basis in your investment. This begins with your initial capital contribution and is updated annually for the applicable K-1 line items.
If you have not done this, you will need to prepare this schedule. If you have done this, then update your basis schedule for your final K-1 line items EXCEPT for any liquidating distribution.
When you indicate to TT that you have disposed of your partnership, you will use the liquidating distribution as the sales price and your basis is the cost.
Your overall gain or loss on the investment will show up 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.
