Currently having fun in the sun and on island time, so my response will be fairly brief.
I will just restate the most important factor that has been stated; until you know your tax basis in your investment you cannot accurately determine your gain or loss. Doesn’t sound as if you know this figure.
A couple of questions:
- Is the k-1 marked final? Given the distribution coming out late in 2022 I just want to make sure you can free up your suspended losses. I typically don’t see accrued distributions on a K-1.
- look at your k-1 and what does it show as ending capital?
Additionally what is that figure excluding any distribution?
- Your K-1 should be on a tax capital basis, which is not the same as your tax basis, but at least it may be close. Since the partnership has been around for awhile not sure how they have reported your capital account in the past? Look at an older K-1 to see what box used to be marked.
*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.
