Based on your facts:
- Your tax basis is / should be the $90,994
- You don't mention what the line 19 amount is (distributions), but I am assuming $88,951?
- Using that figure, this leaves the $2,043 amount you noted.
- If the above is correct, you would enter the K-1 amounts into TT indicating that this is a final K-1. Do not enter any amount on line 19 at this point.
- There will be some screens with questions regarding your tax basis, sales amount, purchase date, disposition date, etc.
- Your tax basis (cost basis) will be the $90,994
- Your proceeds, sales amount (whatever the TT terminology is) would be the $88,951 (your K-1 line 19 amount).
- This will produce a capital loss in the amount of $2,043. TT will determine ST or LT based on your input and will carry this to form 8949 and Schedule D.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
