I received a final k-1 for Limited Partnership that I used to work at. I did not invest any money ($0 basis) but the business was sold in 2023. I was money from the sale for a small interest I had in the business. The K-1 I received only lists
5- Interest income
9a- Net Long term capital gains
19- Distributions
20- A & B
How do I answer the TT questions Sale price, Partnership Basis, Ordinary Gain, 1250 Gain? Basis I can assume is $0 (I looked back at the prior K-1). But it does not allow me to enter Long Term Gain ... only Ordinary Gain
Any guidance would be greatly appreciated.
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Have you entered Schedule K-1 under Investment Income? The income from the partnership may affect your taxable income for the year. Review these steps for reporting the end of your partnership investment:
You will need to calculate your adjusted basis in the partnership, which would include any profit or loss that was reported on prior year Schedules K-1 less any distributions reported to you. It's unlikely you have a zero basis if the K-1s reported income, long-term capital gains, etc., and you received distributions.
Any gain or loss from the sale would be long-term, as long as you were a partner for more than a year. Otherwise, the sale would result in a short-term gain or loss.
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