Entering Schedule K-1 (Form 1065) for inherited share of Limited Partnership

[alan-laity]

I inherited from my father interests in several private partnerships investing in commercial real estate on Jan 1, 2019.  (These are not publicly traded nor through a brokerage account.)  I'm not sure how to complete the screens in TurboTax Deluxe.

1)  If a partnership made a final distribution in 2019 due to sale of the property, do I indicate:

• the partnership ended in 2019, as a
• complete disposition, as a
• sold partnership interest (versus liquidated)?

2)  Is the Purchase Date when I inherited it, or when my father made the original investment?

3)  Is the Sale Date the date of the final distribution?

4)  Is the Sale Price the total distribution on the K-1 (Box 19)?

5)  Is the Partnership Basis where I enter the value of my father's interest at the time I inherited it?

6)  Is the Ordinary Gain calculated as Sale Price - Partnership Basis - any1250 Gain?  What if there is Long-Term Capital Gain in Box 9a?

[brasstax10]

there's a good discussion you'll be interested in

https://ttlc.intuit.com/community/retirement/discussion/1-do-my-heirs-take-my-master-limited-partner...