Description: Land Sale
Date Sold: 12/17/2021 (This is the date of the check we received with final payment)
Date Acquired: 2/16/2018 (This is the date our check was received and accepted, according to a letter)
Sale proceeds: Do I put the amount of the check that we received on 12/17/2021?
Cost or other basis: Do I put the amount of the check we sent in on 2/16/2018? We did not send any additional $, nor did we receive any other $ except for this final check on 12/17/2021.
Holding period: Long Term (Box F)
yes to everything except cost. with a partnership, your tax basis (cost) changes with its activity which affects the partner's interest.
you start with what you paid in 2018 then from each year's k-1 you need to add all items of income and subtract all items of expense or loss if these are zero then it's what you paid in 2018.
