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.
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.