I'm sorry. This post has gotten too long and too confusing.
To calculate my 'Cost Basis' for this final K-1 (non public limited partnership, land sale), I have done the following:
Cost Basis = Original Investment (from 2018) + all gains/losses in 2018-2021 K-1 schedules + 2021 net capital gain in 2021 K-1.
This amount is equal to the number listed on my final 2021 K-1 Part II, section L, 'Withdrawals & distributions'
This amount is not equal to the amount of my final (one and only) check that I received for the sale of this land in this limited partnership (which I put for 'Sales Proceeds')
I have an amount on my K-1 Part III line 19 (Distributions), with a code C ('Other Property').
If I subtract this amount from the above amount (in Withdrawals & distributions), it will equal my Sales Proceeds.
We had a discussion about this earlier in this post, and you had told me I should subtract this amount. So, I just want to clarify:
Do I subtract this amount, and therefore my Cost Basis will EQUAL my Sales Proceeds and I will have a 0 Capital Gain/Loss?
If I do not subtract this amount, I have a capital loss equal to the amount on line 19 Distributions (code C).
Thank you!
