I bought shares in a partnership.
I have passive losses through the years.
And I am carrying passive losses on form 8582 - called Passive Activity Loss Limitation form
This year I am selling all shares.
How does this transaction get reported on 1040 tax return?
Do I use Form 8949 and Form 8582?
Form 8949 called Sales & Other Dispositions of Capital Assets.
Form 8582 called Passive Activity Loss Limitation.
My thoughts: On Form 8949, I enter the cost basis and sales price. = gain/loss.
My thoughts: On Form 8582, I enter the total passive losses number.
Is there anything else I need to be considering with this transaction?
Thank you for your time, assistance and kindness answering my above questions.
