How to calculate a K-1 basis when selling

Tom in Carolina · Apr 8, 2024 3:03:44 PM

Per the internet / accounting firm notes: Just like other partnerships, the basis of the investment in the PTPis adjusted each year by income, deductions, and distributions. TIA, Tom

user17524923356

Level 2

No records to document adjustments to basis

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user17525220452

Level 2

Cost basis from tax split with multiple cost basis

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Raph

Community Manager

Investments: Stocks, Crypto, & More | Ask the Experts

in Events

tomodwyer2005

New Member

If I make %45k and Im retired, and I sell a lot of land for $300k in 2025 with a cost basis of $50000, how much do I pay? Federal and state, in taxes?

in Deductions & credits

garys_lucyl

Level 2

special assessment credit during escrow

in Business & farm

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