Hi,
I received a K-1 marked as final and amended and see below numbers. I am little lost on calculating below section since the K-1 is marked as final.
Sale price -- not in the K-1
Sale Expense -- not in the K-1
Partnership Basis -- no supporting document in the K-1 to calculate this as well
Ordinary Gain -- not sure what to enter here
1250 gain -- I see this number as 3735 in Box 9c
Other amounts in the K-1:
Box 1: 8945 - but my distribution including the initial investment is nowhere close to this(initial investment was 2000)
Box 5 interest income: 104
Box 9c: 3735
Box 10: 11078
Box 19 A: 5490
Box 20 A: 104
Box 20 N: 54
Box L numbers:
Opening capital account: -7250
Current year net income(loss): 20321
Withdrawals and distributions: 5490
Ending capital account: 7579
I selected 'This partnership ended in 2023' and 'received amended K-1 for this partnership'
Describe partnership Disposal: Complete Disposition
What type of disposition was this: Sold partnership interest
Entered purchase and sale dates(2016 to 2023)
Can someone please help me how to enter the sale info section and anything else I need to be aware of?
Thanks
