Partnership basis

Forum|Forum|5 years ago
February 6, 2021
1 reply
4 views

Is the partnership basis the amount shown on line J?

M-MTax

Level 15

Not necessarily.....you have to keep all of your K-1s and use the to calculate your outside basis.

norm2957Author

Level 2

I purchased stock in a LLC that owned rental property. Since the purchase i have received distribution of my share of rental income of loss. Is my basis the amount that I paid for the stock?

Mike9241

Level 15

@norm2957 please don't hijack other threads. it makes questions difficult to follow

your basis is the tax basis of whatever you put in less tax losses plus tax gains (income) less tax basis of distributions.

some partnerships may show your basis in schedule L but I can give you no assurances that it is true in your case

Mike9241

Partnership basis

1 reply

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