Trying to get help with filling out a TurboTax form for my K-1.
I received a final K-1 for a limited partnership (non public), and I did NOT receive a 1099-B for it, and it was a land investment. I invested $ in it in 2018, and in 2021, the land was sold, and I received a final check from them and the partnership is now dissolved.
I have entered the information for this K-1 into TT, up to the purchase and sales dates.
The next form that comes up asks for the following information:
Regular Gain or Loss
Sale Price: Is this the amount of the final (one and only) check I received from the partnership when it ended?
Selling Expense: Not sure what this is...I don't believe there were any
Partnership Basis: Is this the cost basis of this investment? If I add my initial investment in 2018 + all income noted in K-1's from 2018-2021, including capital gain (2021) - distributions listed in 2021. This will equal the SAME as above Sale Price?
Ordinary Gain:
1250 Gain:
Can someone tell me what I should enter into the above lines?
OR, should I ignore this page and enter the information in the Federal->Wages&Income-> Investment Income section of TT instead? (I was told to do this in an earlier post)
Thank you!
