K-1 and Form 8949 re tax basis

[Tom in Raleigh]

In 2021 I purchased shares in a Partnership

I sold all my shares in 2023, April due to the complicated nature in filing taxes on the shares

I am trying to calculate the basis:

the Capital Acct. Analysis = K-1 Part II, Line L shows

2021 = Beginning capital acct $ X

              Current year net income = + $ Y --> this number is listed on K-1 Line 19 "A"

              Withdrawals and distributions - $ Y

               Ending capital acct = $ X     --> X + Y - Y = X

2022 same as 2021

2023 year of sale =

Begin = $ X - same as 2021

Current year income = + 2023 $ Y       Line 19A

Withdrawals and distributions = 2021 $X + 2023 $ Y

End = $0

Is my basis the original 2021 Begin Capital Acct $X ??

or 

do I add 2021 + 2022 + 2023 Line 19A / Part II Line L Current Year income

to the basis

Many thanks for your help !

Tom

P.S. Each year the K-1 Part III Line 20 was blank, i.e. no codes

and the Part III Line 4B+C  = Part III Line 20 = Part II Line L current year income

[RobertB4444]

Your basis for the 2023 sale was X.  That was your value when you sold it.  The Y earning should be reported in box 1 or 2 and they are taxed there and then paid out to you.  Based on your example it looks like they paid you exactly what you paid in initially for your shares (X) so there should be no gain or loss on the sale.

@Tom in Raleigh