K-1 form 1065 final one

[sunshiner1]

We bought into a company called Boston Capital  which is a REIT back in 2003. It was supposed to be a 10 year deal but with the market crash in 08 , covid and everything else  it was finally sold and partnership dissolved by them. I got my final K-1 (form 1065) but I am confused by what turbo tax is asking me. Purchase date was 07/31/2003 . Sale date was 12/31/2022.  Then it asks me for sale price. We paid 10,000 for the shares and at the end we got a check for 128.89.  

I put that it was a liquidation of the partnership since they sold it. Then on the next page it asks for the sale price and then the partnership basis (those are in yellow). 

Then later it asks if there is a code z in box 20  which there is but I don't know where that info goes. Section 199A information box 20 code Z shows income as  (-638.64) then W2 wages as 4.49, then lastly  Unadjusted basis 998.01.  I am not sure where this info goes because I see nothing that says unadjusted basis. When I called the investor relations the lady said normally you don't have to put that in. 

So I am completely lost in this.  Thanks for any info on this. 

[DavidD66 · Accepted solution]

In this situation, the amounts in Box 20 for Section 199-A will not have any impact on your tax return.  You don't need to report them.  

[sunshiner1]

 What about this question......Can you answer this ?

TT  Then asks me for sale price. We paid 10,000 for the shares and at the end we got a check for 128.89.  

I put that it was a liquidation of the partnership since they sold it. Then on the next page it asks for the sale price and then the partnership basis (those are in yellow). 

So what do I put? 

[DaveF1006 · Accepted solution]

The sales price is $128.89 and the partnership basis is $10,000.