Hi,
I'm so sorry, this message thread has gotten very confusing. I put a few different questions into this same post. Sorry.
You answered the above question for me already (in another post). There is nothing listed on line 13 of part III on my K-1, so you already told me I could ignore this whole issue.
Here is the question I still have. It relates to an earlier question (on this same post) of filling out the TT form under 'Investments', since I was told I needed to enter my K-1 capital gains in the Investment section of TT. Here is a reply you made (if you look back several posts from this one):
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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.
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So if you look through a few more replies after this above post, it seems that the 'Sales Proceeds' would be the amount I received in my final check. However, the 'Cost or other basis' turns out to be the EXACT same number as my Sales Proceeds if you follow our conversation.
Is that correct? The two amounts should be exactly the same?
Thank you!
