I am a limited partner in a private real estate partnership. In 2022, we sold the sole apartment building the partnership owned -- but extended a small two year loan to the buyers to get the deal done. As such, I have a K1 for a property which sold but the partnership will live on for two more years paying back the small loan. The K1 is marked as "disposed" but not as "final K1" because we did dispose of the property but the partnership will continue for two more years generating K1s for the loan payments. Wondering how to handle this in Turbotax. Should I say partly disposed of and try to figure out capital gains on sale or just treat this as any old K1 from an ongoing partnership.
The K1 does have positive figures for part 9c of the form "Unrecaptured section 1250 gain" as well as for part 10 of the form "Net section 1231 gain (loss)." I also have the prior year's tax basis from the prior year's K1.
Welcome any guidance. Thanks.
