We had a real estate partnership from 2005-2021. Only had one piece of real estate that was finally sold in August 2021 and partnership ended. Initial capital contribution was $17,500. Over the years, only had very minimal losses (basically CPA bills). So capital account reduced to $12,091 on final k-1. This is also my outside basis. Property sold at a loss, so my final distribution from partnership is $13,346. So Part L shows beginning capital account of $12,091, Current year loss of $6923 and a distribution of $13,346. When I enter on TT, I enter final K-1 and it asks me how it was disposed. If I say complete disposition, it asks if it was a sale of a partnership interest or a complete liquidation. Which would it be? then it asks for purchase date and sale date, sale price, partnership basis, ordinary gain and 1250 gain. This is where I get lost. Any suggestions on how to enter these numbers?
