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Final K1 Partnership Disposal

Invested in a private partnership in 2016.  It is a partnership that invested in real estates.  In 2018, received complete distribution of the basis amount plus the gross profit.  Reported that in 2018 tax return.  In 2020, received the Final K1 of this partnership.  Question (1) What should I select as the Partnership Disposal? No Entry?  Complete Disposition? Disposition was not via a sale? Sold and am receiving Payments? (2) Since all the monies were received in 2018 and there is no distribution in 2020, then what should I put in as basis and gain in the 2020 return?  Should I fill in the basis as ZERO and the Gain as Zero?

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2 Replies
DavidD66
Employee Tax Expert

Final K1 Partnership Disposal

Entering zero for the cost basis and zero as the proceeds is what I would enter.  If for some reason the program wont accept zeros, I would use $1 for each. 

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2prkelly
Returning Member

Final K1 Partnership Disposal

was there an answer to the first part of the disposal question? if a real estate LLC has sold the property, distributed the profits and no longer exists, should you select "no enty", "complete disposition"...

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