Irish22_CPA
Expert Alumni

Tax law changes

The doesn't sound like a publicly traded partnership - as it would have been purchased on a public exchange, and you would have received a 1099-B. You are a limited partner? What date was the purchase? Have you been reporting income/losses each year since purchase on the property on your 1040? These things are important to know to determine your cost basis - which would be purchase price plus gains and additional contributed capital, less losses and distributions.

 

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