Thanks for the info. The K1 was for sale of a residential apartment and not land. The sale was NOT reported on form 1099-B. So I can enter k-1 sales section as Sales Proceeds = $45K and Basis of Partnership Interest = $45k which results in zero gain. That's good now.
So line 9 from the k-1 is reported as gain which is $35k. But my actual gain was only 20k (I invested 25k and exited at 45k). So how can I reduce the reported capital gain in line 9 of k1, so that I don't have to pay tax on the difference of 15k.
