Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
norm2957
Returning Member

Partnership basis

Is the partnership basis the amount shown on line J?

3 Replies
martinmarks
Level 10

Partnership basis

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

norm2957
Returning Member

Partnership basis

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

Partnership basis

@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 

Dynamic AdsDynamic Ads
Privacy Settings
v