Thanks for the quick response.
I believe, the large loss (139K) that TT calculated for 2017 is wrong. While the partnership was incurring losses year after year, it was never that high. I am unable to understand how TT arrived at that figure - I have rechecked the inputs from K1. Unfortunately, I overlooked this figure and noted it only when I sold my share in 2023. That is when I detected the error.
I exited the partnership by selling my share. It was at a loss. Since the partnership had incurred losses for several years, my tax basis capital was less than my investment. And the sale proceeds are even lower than the tax basis capital account balance.
The loss and small gain (in recent years) did not materially change the tax, as the losses brought from earlier years prior to 2016 exceeded 150K.
.Most of my income is from interest and dividend (mostly qualified).
Hope this helps.
Once again, my thanks.
