UnSold Partnership Stocks

[RODMYNATT]

Re: Schedule K-1, 8949, Schedule D.

I've Unsold Partnership Stocks, and get K-1. 

Understand Gain/Loss use those items above Only when the stock is sold. 

Think one just keeps the K-1s for every year received while owned and used only when sold. Will all of the yearly K-1s be needed to file when sold, or just the last year? 

Critical terms need on 8949 are Beginning /End Dates & Values (Cost Basis, Sell Price), Adjustments.

Suppose those are some way gleaned from the K-1 items. Very confusing as the K-1 has None of Those Terms. 

Suspect the K-1 has multiple reportable, taxable values. 

Can you speak to that when a partnership stock is sold? 

[Mike9241 · Accepted solution]

A private partnership would require you to keep track of your basis unless the partnership does it for you. if they do they would likely include a schedule with each year's k-1.  

my advice however is to keep the k-1's until disposed of. you never know when you may need to refer back.

For publicly traded partnerships I would keep them but them or save copies as pdfs.   when sold the PTP will provide a sales schedule that shows you your tax basis and possibly ordinary section 751 gain on disposal. using that schedule you'll be able to properly compute the capital gain/loss portion on sale. do not use the broker's statement because they do not track basis.