Partnership basis

[norm2957]

Is the partnership basis the amount shown on line J?

[M-MTax]

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

[norm2957]

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]

@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