Question on how to report a tax loss on sale of a partnership

[ajsmall65]

I have been invested for 4 years in an investment partnership.  I earned book income of $98,704 during this period.  The final K-1 estimate and the prior years K-1 have allocated $227,894 of taxes to me.  That means I have to report a tax loss on the sale of this investment of $129,190.  Where and how do I do that? 

[Mike9241]

did you receive any distributions? prior or potentially for the current year. If not something seems wrong. 

to determine any gain or loss on sale or termination you need to know your tax basis. 

[ajsmall65]

Yes received distributions and now I’m fully redeemed out ( except for a small holdback upon audit). My book basis is zero so to get my tax basis to zero I will have to book a $129K loss. Seems like they overstuffed me as a withdrawing partner. Seems wrong.