@Mike9241 We were gifted the cabin, so the only money put in was for maintenance and improvements. Since we did not purchase the cabin can we prepare the one final return with capital gains showing the cost basis at the value of the cabin when it was gifted plus contributions towards improving the cabin? Since we did not file previous returns, we never took depreciation deductions so I assume we would not have to do anything with depreciation?
We received one 1099-S for the partnership with the EIN listed.
Filing this way our K-1s show the capital gain in box 9a and distributions in box 19, does that sound right?
