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Business & farm
No, the loss reported on Schedule K-1 is not your loss on the dissolution of the partnership. This is flow-through loss to the partners from partnership activity.
If the partnership dissolved, you probably have zero sales proceeds to report for the disposal. This may result in either a gain or loss on your investment, depending on your ending adjusted basis.
Additional info:
- IRS Form 1065 Schedule K-1 Basis Rules
- IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership
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‎April 14, 2022
6:48 AM