Thanks, @ThomasM125 ! One last thing here as I have heard conflicting things on this. In TT when I mark a K-1 as final and closed via sale...it asks for the sale price, which I mark as whatever the final distribution was for the partnership (in my case, $30,011). I am going through the adjusted basis calculations, and I am finding that after the years of income, losses, and distributions, my final year (pre-distribution) adjusted basis is $30,065. It makes a quite big difference in my tax load if I reduce the $30,065 by the final distribution...as this is freeing up many more losses. However, I'm not sure if I am allowed to count the final distribution as something which reduces the basis (because I already marked it as the sale price). Do you know how TT is treating "sale price" and whether I should in fact still reduce the basis by the final distribution?
Thanks in advance for all your help.
