topic Re: Partnership basis in Get your taxes done using TurboTax

Partnership basis

norm2957 — Sat, 06 Feb 2021 22:13:37 GMT

Is the partnership basis the amount shown on line J?

Re: Partnership basis

M-MTax — Sat, 06 Feb 2021 23:06:29 GMT

Not necessarily.....you have to keep all of your K-1s and use the to calculate your outside basis.

Re: Partnership basis

norm2957 — Tue, 09 Feb 2021 17:45:37 GMT

I purchased stock in a LLC that owned rental property. Since the purchase i have received distribution of my share of rental income of loss. Is my basis the amount that I paid for the stock?

Re: Partnership basis

Mike9241 — Tue, 09 Feb 2021 21:24:15 GMT

@norm2957 please don't hijack other threads. it makes questions difficult to follow

your basis is the tax basis of whatever you put in less tax losses plus tax gains (income) less tax basis of distributions.

some partnerships may show your basis in schedule L but I can give you no assurances that it is true in your case