I received stock options that vested upon sale of the compancy LLC, in 2023. I have income (Part III) in only boxes 6a (22,175) and 6b (22,175), 8 ($50), and 9a (176,107). I also have distributions of 672,335. My partners capital account analysis in Part II shows as follows:
Beginning capital account None
Captial contributed during the year Blank
Current year net income $198,329
Other increases $474,006
Withdrawals and distributions ($672,335)
How do I determine my selling price and basis for turbo tax.
Two options. since withdrawals and distributions you received= your tax basis you have no taxable gain or loss unless there was a supplemental/schedule report indicating section 751 recapture. if 751 recapture is not reported you can use the sale of partnership section of the k-1 to report this.
either enter 0 as sales price and 0 as your tax basis/cost
or enter withdrawals and distributions as sales price and the same amount as your basis/cost.
I have no other documents from the company. Although the form they gave me still shows draft. I will use your advice along with HR block that told me to use the other income listed as my basis and my sales price which basically only taxes me on about 1/3 rd of the payout. Seems a bit weird to me.