topic Need help with Final K-1 in Get your taxes done using TurboTax

Need help with Final K-1

Anonymous — Mon, 10 Oct 2022 22:05:55 GMT

I had invested in a Real Estate Crowd Funding platform back in 2018 and have been filing K-1's all along, this year I have received the Final-K-1 and need help with determining the answers to following questions:

1. What type of disposition is this? (Sold or liquidated)?

2. Sale Price

3. Partnership Basis

4. Ordinary Gain

5. 1250 Gain: 6432

6. Do I enter the same amounts for 2,3,4,5 for Regular and AMT Gain/Loss?

Part II L
Partner's capital account analysis	2018	2019	2020	2021
Beginning capital account		27963	26348	24529
Capital Contributed During the Year	25000	318
Current year net income (loss)				12489
Current year increase (decrease)	3240	-687	37
Other increase (decrease)		-20
WI drawls and distributions	-277	-1136	-1946	-37018
Ending capital account	27963	26348	24529	0
Basis	704(b)

Part III
1				1107
2	-5199	-469	611	370
9a				11012
9c				6432
13	L,244	W,218	W,574
17		A,-6
18	C,STMT	C,2
19	A,277	A,1136	A,1946	A,37018
20		Z,STMT	Z,STMT	Z,STMT

I have looked up the QA in the forum and internet and do not see exact info I need, any help is appreciated as I'm fast approaching the deadline.

Re: Need help with Final K-1

Anonymous_ — Mon, 07 Nov 2022 18:40:37 GMT

@nexchap

Re: Need help with Final K-1

Mike9241 — Mon, 07 Nov 2022 21:53:55 GMT

1. What type of disposition is this? (Sold or liquidated)? liquidated

2. Sale Price $0 it appears that you

3. Partnership Basis

4. Ordinary Gain

5. 1250 Gain: 6432

6. Do I enter the same amounts for 2,3,4,5 for Regular and AMT Gain/Loss?

704(b) is book basis which can be substantially different from tax basis. for 2021 the entity was supposed to report schedule L on the tax basis. in earlier years many partnerships were reflecting market value rather than tx basis in schedule L by including appreciation in the FMV. this does not add to your tax basis. did the partnership ever provide a tax basis analysis?

some numbers are missing so we really don't know your tax basis

2018

begging capital 0

capital contributed 25000

from lines in part III

line 2 -5199

line 13 -244

line 19 -277

ending capital should be 25000-5199-244-277=19280

missing line 18 info should be +8683 so 19280+8663=27963

that doesn't make sense because 18c is for non-deductible expenses which should reduce not increase basis

any way 2019

start per k-1 27963

capital contributed 318 was it really your money. sometimes partners default and reallocation of capital a/c's is necessary but this doesn't really give you basis

from lines in part III

line 2 -469

line 13 -218

line 18c -2

line 19 -1136

ending capital should be (ignoring issue with 2018 27963+318(?)-469-218-2-1136=26456

missing -108: -108+26456-26348

any way 2019

start per k-1 27963

capital contributed 318 was it really your mone. sometimes partners default and reallocation of capital a/c's is necessary

from lines in part III

line 2 -469

line 13 -218

line 18c -2

line 19 -1136

ending capital should be (ignoring issue with 2018 27963+318(?)-469-218-2-1136=26456

missing -108: -108+26456-26348

any way 2020

start per k-1 26348

from lines in part III

line 2 611

line 13 -574

line 19 -1946

ending capital should be (ignoring issue with 2018/2019) 26348+611-574-1946 =24439

missing 90: 90+24439=24529

any way 2021

start per k-1 24529

from lines in part III

line 1 1107

line 2 370

line 9a 11012 (9c is included in 9a)

line 19 -37018

ending capital should be (ignoring issues with 2018/2019/2020) 24529+1107+370+11012-37018 =0

missing 0

so the really big issue is the missing amount from 2018. i would tend to ignore the missing amounts from 2019 and 2020. becuase the question is how does that affect your tax basis.