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Investors & landlords
Dave,
The more I think about this, I'm thinking that possibley I shouldn't report a capital gain at all. See this screenshot:.
The partnership didn't end, nor did I "dispose of a portion of my interest in the partnership" itself. Yes, I got a payout from the partnership for the sale of the asset owned, but I didn't actually sell a portion of the partnership itself. I'm thinking I would just adjust my tax basis to reflect the rent payment distributions as well as the distribution of the gain on the asset itself. But I welcome your thoughts if I'm going astray here. Tx!
@Rick19744, I've seen your comments as well on K1 questions. I welcome your take on the above issue if you have time and a willingness. Thanks.
‎April 6, 2023
12:12 PM