I sold all my interests in a ETL stock that I was a partnership in. For simplicity, I invested $1,000. Over the past couple years it increased in value, and I've been holding on to the investment. It started going down, so I sold it all off. Overall, I still had gains on my initial investment of $1,000. I received my final K-1 that shows my final transactions:
NOTE: Initial investment of $1,000 two years ago (in 2021).
2023 tax year K-1 shows:
Part II ... Section L
Beginning Capital $: 5,000
Capital Contributed $: 0
Current NET income(loss) $: -1000
Other increase (decrease) $: 0
Withdrawals $: ( 4,000)
Ending Capital $: 0
Part III
#5: 50
#8: -1100
#11: C -50
#13: AE 25
Can I calculate my 'Partnership Basis' for this year with this information? How would I do that given the data mentioned above?
