@Mary100 that is correct.
However, there are a couple of issues here that need to be clarified:
- Sometimes the final K-1's include liquidating distributions; which is technically not correct. If the liquidating distributions are reflected on the K-1, do not adjust your basis by these amounts. These amounts will be the "selling" price when you enter this on your personal tax return form 8949.
- If the final K-1's do not reflect the liquidating distributions (the liquidating distributions are properly reported on form 1099-DIV) then use the 1099-DIV figures as your "selling" price when you enter this on your personal tax return 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.
