2779909
I had invested in a Real Estate Crowd Funding platform back in 2018 and have been filing K-1's all along, this year I have received the Final-K-1 and need help with determining the answers to following questions:
1. What type of disposition is this? (Sold or liquidated)?
2. Sale Price
3. Partnership Basis
4. Ordinary Gain
5. 1250 Gain: 6432
6. Do I enter the same amounts for 2,3,4,5 for Regular and AMT Gain/Loss?
Part II L | ||||
Partner's capital account analysis | 2018 | 2019 | 2020 | 2021 |
Beginning capital account | 27963 | 26348 | 24529 | |
Capital Contributed During the Year | 25000 | 318 | ||
Current year net income (loss) | 12489 | |||
Current year increase (decrease) | 3240 | -687 | 37 | |
Other increase (decrease) | -20 | |||
WI drawls and distributions | -277 | -1136 | -1946 | -37018 |
Ending capital account | 27963 | 26348 | 24529 | 0 |
Basis | 704(b) | |||
Part III | ||||
1 | 1107 | |||
2 | -5199 | -469 | 611 | 370 |
9a | 11012 | |||
9c | 6432 | |||
13 | L,244 | W,218 | W,574 | |
17 | A,-6 | |||
18 | C,STMT | C,2 | ||
19 | A,277 | A,1136 | A,1946 | A,37018 |
20 | Z,STMT | Z,STMT | Z,STMT |
I have looked up the QA in the forum and internet and do not see exact info I need, any help is appreciated as I'm fast approaching the deadline.
You'll need to sign in or create an account to connect with an expert.
1. What type of disposition is this? (Sold or liquidated)? liquidated
2. Sale Price $0 it appears that you
3. Partnership Basis
4. Ordinary Gain
5. 1250 Gain: 6432
6. Do I enter the same amounts for 2,3,4,5 for Regular and AMT Gain/Loss?
704(b) is book basis which can be substantially different from tax basis. for 2021 the entity was supposed to report schedule L on the tax basis. in earlier years many partnerships were reflecting market value rather than tx basis in schedule L by including appreciation in the FMV. this does not add to your tax basis. did the partnership ever provide a tax basis analysis?
some numbers are missing so we really don't know your tax basis
2018
begging capital 0
capital contributed 25000
from lines in part III
line 2 -5199
line 13 -244
line 19 -277
ending capital should be 25000-5199-244-277=19280
missing line 18 info should be +8683 so 19280+8663=27963
that doesn't make sense because 18c is for non-deductible expenses which should reduce not increase basis
any way 2019
start per k-1 27963
capital contributed 318 was it really your money. sometimes partners default and reallocation of capital a/c's is necessary but this doesn't really give you basis
from lines in part III
line 2 -469
line 13 -218
line 18c -2
line 19 -1136
ending capital should be (ignoring issue with 2018 27963+318(?)-469-218-2-1136=26456
missing -108: -108+26456-26348
any way 2019
start per k-1 27963
capital contributed 318 was it really your mone. sometimes partners default and reallocation of capital a/c's is necessary
from lines in part III
line 2 -469
line 13 -218
line 18c -2
line 19 -1136
ending capital should be (ignoring issue with 2018 27963+318(?)-469-218-2-1136=26456
missing -108: -108+26456-26348
any way 2020
start per k-1 26348
from lines in part III
line 2 611
line 13 -574
line 19 -1946
ending capital should be (ignoring issue with 2018/2019) 26348+611-574-1946 =24439
missing 90: 90+24439=24529
any way 2021
start per k-1 24529
from lines in part III
line 1 1107
line 2 370
line 9a 11012 (9c is included in 9a)
line 19 -37018
ending capital should be (ignoring issues with 2018/2019/2020) 24529+1107+370+11012-37018 =0
missing 0
so the really big issue is the missing amount from 2018. i would tend to ignore the missing amounts from 2019 and 2020. becuase the question is how does that affect your tax basis.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jdm277
New Member
MrsMacAdoo
New Member
patamelia
Level 2
patamelia
Level 2
Deckard1
Level 2