alex1907
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You're touching on an important and common observation in partnership liquidations. In a complete liquidation, the final Schedule K-1 does indeed show an ending...
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If I follow your recommation, I end up getting the same amount for cost basis and sale price, which results in zero capital gain/loss. This cannot be true as I ...
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Thank you for your answer. Based on your explanation, my understanding is thatCost Basis: Beginning capital + income allocations - losses + contributions - dist...
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Thank you for your answer. I tried to file Maine state tax return but Turbo Tax is asking for additional $49 to file Maine tax return.
Activity Feed for alex1907
- Posted Can I deduct section1231 loss from Schedule K1 in a partnership that I did not materially participate in from my adjusted gross income? on Business & farm. May 29, 2025 9:21 PM
- Posted Re: Final K1 Calculated Partnership Basis Same As Distributions/Selling Price on Investors & landlords. April 7, 2025 10:57 PM
- Posted Re: Cost (Tax) Basis Calculation from Final K1 in Section L on Get your taxes done using TurboTax. April 7, 2025 7:32 PM
- Posted Cost (Tax) Basis Calculation from Final K1 in Section L on Get your taxes done using TurboTax. April 6, 2025 5:08 PM
- Posted Re: How to enter Final Schedule K1 into Turbotax? on Get your taxes done using TurboTax. April 4, 2025 11:04 AM
- Posted How to enter Final Schedule K1 into Turbotax? on Get your taxes done using TurboTax. April 2, 2025 5:14 PM
- Posted When I check my return, I keep getting "Oof! We've hit a speed bump." message. It says keep checking later, but it has been the same message for more than a week. on Get your taxes done using TurboTax. August 13, 2022 10:25 AM
- Cheered Re: My Schedule K3 has Part 10 but TurboTax does not have any section to enter the numbers for Critter-3. August 11, 2022 11:26 AM
- Posted My Schedule K3 has Part 10 but TurboTax does not have any section to enter the numbers on Get your taxes done using TurboTax. August 11, 2022 10:52 AM
- Posted Re: Do I need to file state tax return as a non-resident if I have real estate partnership income... on State tax filing. March 19, 2022 10:22 AM
- Posted Do I need to file state tax return as a non-resident if I have real estate partnership income from the non resident state? on State tax filing. March 18, 2022 7:30 PM
- Posted Should I use Maiden Name or Married Name on ITIN application and joint tax return? on Get your taxes done using TurboTax. February 27, 2021 12:18 PM