As a partner in a partnership it is your responsibility to maintain your tax basis in your interest.
Unless you know your tax basis, you will not be able to determine whether losses are deductible or if your distributions are taxable.
If you have tax basis in your partnership interest, distributions will not be taxable and not reported as income.
*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.
