Question
Capital Gains in 2018
Our partnership LLC sold a property in 2018. We owe capital gains which passes through to several members according to their ownership. My wife and I have 65% combined (37.5% ea). On the K-1 for us there is $20,000 in 1231, and $20,000 in 1250. There is also an adjustment of $14,000 on either the 1231, or 1250, I am not sure which it belongs to. I need to make sure we fill out the K-1 section of our personal taxes correctly to make sure we do or don't owe $6,500 in taxes. Can I get some help before the deadline, please? Thank you.
