@GoSeeKen Basis drops for any distributions you receive, or any K-1 item that lowers your tax bill (e.g., a box 1 loss). Basis increase for any K-1 item that increases your tax bill (e.g., partnership interest earned).
Usually you'd receive a sales schedule with your final K-1 that spells out the basis adjustment.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
