Final K1 after Partnership is dissolved - How to do in TT desktop?

[Anonymous]

Hi All,

I have a Windows TT. I have last K1 for construction project (where I was an LP) which finished last year i.e. all houses were built and sold. I got my cashier check for initial investment + gain last year. I have passive loss carryforwards. Can you please guide me how to fill out last K1 in TurboTax Desktop?  

Understood that I need to select "This partnership ended in 2023" - what about next?

If I click "Complete Disposition" (but is it a disposition when partnership dissolves?) then my passive loss carryforwards automatically apply i.e. I can ordinary income tax deduction; if I pick other choices then I see that passive losses are suspended. Then I pick "Liquidated Partnership Interest" and then I have to put "Partnership basis" and "Sale Price" - that is what confuses me as I did not sell anything and what do I need to put there? If I put the same $ amount (partnership basis = sale price or zero and zero) then return looks good i.e. I get LT gain from 2023 and can deduct all my passive loss carryforwards. 

Hope for your advice.

[nexchap]

All suspended losses will be released if you select "This partnership ended in 2023", "Complete Disposition", "Liquidated Partnership Interest".

If the proceeds from the partnership are all reported on the K-1 itself, then entering the information will get it taxed appropriately and you can uses 0's on the "Enter Sale Information" screen.  Otherwise, you'd enter the Sale Price and Basis to have TT create the Capital Gain entries.