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Anonymous
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Need help with Final K-1

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 analysis2018201920202021
Beginning capital account 279632634824529
Capital Contributed During the Year 25000318  
Current year net income (loss)   12489
Current year increase (decrease) 3240-68737 
Other increase (decrease) -20  
WI drawls and distributions -277-1136-1946-37018
Ending capital account2796326348245290
Basis 704(b)   
     
Part III    
1   1107
2-5199-469611370
9a   11012
9c   6432
13 L,244W,218W,574 
17 A,-6  
18 C,STMTC,2  
19 A,277A,1136A,1946A,37018
20 Z,STMTZ,STMTZ,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.

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2 Replies

Need help with Final K-1

Need help with Final K-1

 

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. 

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