If you have your 2018 k-1, what box is checked in your capital account section? Tax Basis
In section L of your k-1, is there anything on the other increase / decrease line? If so, what does the description say in the attachment? I’m checking to see if there is anything that says “final k-1 adjustment “ or similar language. On the 2021 FINAL K-1 there isn't any entry on the increase/decrease line. In previous years it has decreased. On 2021's there is a current year net income loss.
If bullet 2 is a “no”, and your capital account has been maintained on a tax basis, then your facts are indicating no gain or loss upon disposition.
Keep in mind, you are still freeing up your suspended losses, but those will be reflected elsewhere on your 1040. OK... which form will those be reflected on? It looks like TT has put them on form 8582, feeding into Sch E and eventually Sch 1, then 1040 line 8.
If no gain or loss on disposition, you will show $4,000 as proceeds on form 8949 and $4,000 as basis to net to zero. Got it, net zero capital gain/loss.
I’m a little bothered by the fact that you received a k-1 that indicates final yet you haven’t received all distributions. This is bothersome because if the actual $$ amount of the final distribution isn’t the $4,000, then your return will need to be amended. They said the final check is in the mail, so I won't file this amendment until the amount is confirmed.
