A limited partnership that I bought into in 2008 has closed and issued a "final k-1". The value of the shares was transferred into a new REIT. There isn't much on the K-1, but I don't know the correct way to enter this last K-1. There is info only in box L (ending account of 0), box 13 code W, and box 19 code C. The latter is confusing, there is a "partnership's adjusted basis" which is not too far off from my initial investment, and a "fair market value", which is much lower and is the amount invested into a REIT by the same management company. The K-1 IRS docs talk about tracking basis - I've been using TT the entire time I've had this investment and always entered the K-1 info, did that track basis? The actual basis is the initial investment amount. This investment overall is a loss. How do I enter this K-1 info into TT correctly, or at least in some simple way that won't get me into trouble even if I don't minimize any tax?
