I invested $12,500 in a real estate partnership way back in 2008. I have only received 2 distributions totaling $750 over time and my rental income (box 2) each year has been negative. I am a long time TT user and all of this has been tracked on TT from past k-1s.
In 2023, my k-1 reflected -$1,460 in rental income (box 2) , -$15,522 (box 10), $10,274 (box 11) and in box 20: A $1 (interest income) and AG $1,375 (rental gross receipts). In box L, my beginning capital account was $7,501, a net loss of -$6,707 and an ending balance of $794. I assume the property was sold at a loss, but this was not disclosed to me.
On the 2024 k-1, it is marked as the final k-1 and reflects -$794 in rental income (box 2) and my ending capital account in box L is $0. If possible, I want to take advantage of the passive losses that have accrued over time, but am not entirely sure how to fill out the TT prompts given what is outlined above. I assume I check that the partnership ended in 2024. Then do I check that it was a "complete disposition"? If so, do I then check that it was a liquidated partnership interest? Continuing on, I would assume the purchase date is when I initially made the investment in 2008 and I would put the sale date as 12/30/2024. As to the sale information, I am not sure what to put. $0 for the proceeds and every other entry except my partnership basis? For this entry, how do I calculate the partnership basis?
Any expert advice would be much appreciated. Thanks so much in advance for your assistance.
