I sold all my units of PTP Enterprise Products Partners in March 2023. My K-1 from 2022 shows a small remaining basis of about 25K. The proceeds from the sale are substantially more than that. The passive loss carry forward is substantial but the loss carry-forward plus the remaining basis is still quite a bit less than the sale proceeds. I'm afraid that if I don't estimate the Federal Income Tax impact of this total PTP unit sale, I may be subject to penalties due to under-estimating of Federal Income taxes for 2023. I don't think I'll get any documentation regarding the sale from the Partnership during 2023 and will have to wait until I get a final K-1 in 2024 for 2023.
Can anyone give me some guidance on estimating my tax liability from this transaction or advise if under-estimating due to lack of documentation on the sale will not result in a tax penalty?
Thanks in advance for your responses.
Rob
