Hi @PatriciaV,
Thanks for the response! We will be filing a Form 1065 with Schedule K-1s for the partnership activity.
As for the recognition of the capital gain/loss on the asset (the property), would that loss be determined by the below equation? And would this be identified in the schedule K-1 we file with our personal taxes?
Capital Gain/Loss = asset sale price - (asset acquisition price + partnership basis)
Thanks.
