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March 27, 2023
Question

K-1 Sale Information screen

  • March 27, 2023
  • 1 reply
  • 0 views

On the K-1 "Enter Sale Information" screen, TT asks for Partnership Basis, Ordinary Gain and 1250 Gain. Since this partnership dissolved and "disposed of the interest in its remaining asset", does that make all of those values to be entered "0"?

- OR -

Must I go through all 18 years of the partnership and calculate totals for each of those?

    1 reply

    March 28, 2023

    is your sales price zero?  if this is true then LIKELY (NO GUARANTEE) you have zero tax basis.  we have no way of knowing what your actual tax basis might be. Schedule L on the k-1 is supposed to be on the tax basis but if the ending capital is zero, that could be due to a plug to zero everything out for the final return.