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I invested in “USO”. I received a K1 that shows $5000 in
I invested in “USO”. I received a K1 that shows $5000 in income.So I understand that the income will become part of the basis.My original cost basis is $22000 - that is when I bought in. It's current … read more
emc011075
emc011075
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Bachelor's Degree
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A general partner/sponsor of a real estate syndication
A general partner/sponsor of a real estate syndication partnership was paid a disposition fee upon the sale of the asset. This GP also has carried interest in the partnership. Would the distribution f… read more
Richard
Richard
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Doctoral Degree
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Partner's Basis in a Partnership. I just invested in a
Partner's Basis in a Partnership . I just invested in a limited partnership via a secondary market transaction. The capital account on the 2020 K-1 shows a negative ending number. I paid $20,000 for t… read more
Carter McBride
Carter McBride
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Ask a cpa.... How to calculate the basis and gain for a
Ask a cpa.... How to calculate the basis and gain for a hotel that was sold off in which I was a limited liability partner… read more
Stephen G.
Stephen G.
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I read that when receiving a final K1, schedule D must be
I read that when receiving a final K1, schedule D must be filed to report the gain or loss of the investment in a Partnership. Do I report the beginning capital as cost/basis, and all distribution I r… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,877 satisfied customers
I own 25% of a website that was sold for a gain of $625,000.
I own 25% of a website that was sold for a gain of $625,000. The majority owner per the partnership agreement used $330,000 to pick up off website debts prior to distribution of capital gain to minori… read more
Carter McBride
Carter McBride
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A owns an interest in a partnership. Partnership in turn has
A owns an interest in a partnership B.Partnership B in turn has a share in another partnership C that held real property and sold at a gain.Partnership B received k1 from partnership C with $40,000 of… read more
Lev
Lev
Tax Advisor
61,273 satisfied customers
I am a part owner of a apartment LLC in New Mexico (one of
I am a part owner of a apartment LLC in New Mexico (one of three). I would like to have a CPA do a quick review the K1 to make sure we are capturing the income distributed to each owner as a QBI.… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,515 satisfied customers
Thank you so much for your Tax advice. I received K-1 from
Thank you so much for your Tax advice. I received K-1 from Vanguard Natural Resources which CODI is $95600. I purchased 30,000 shares which value was only 1800 … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,766 satisfied customers
Wasn't expecting to have a chat to get my question answered
good morning, wasn't expecting to have a chat to get my question answered :) … read more
Lev
Lev
Tax Advisor
61,273 satisfied customers
Background: Wife and I were owners of 25% each of four
Background: Wife and I were owners of 25% each of four person partnership that owns one single family residence income property. Wife dies in 2015. Partnership agreement requires three remaining partn… read more
Lev
Lev
Tax Advisor
61,273 satisfied customers
Re: Net section 1231 gain reported on K-1... I know the income
Re: Net section 1231 gain reported on K-1... I know the income flows to Form 4797. The business was sold and generated about $215,000 in section 1231 gain to the partner. Is there any adjustment allow… read more
Lev
Lev
Tax Advisor
61,273 satisfied customers
I need help determining my basis in a partnership that sold
I need help determining my basis in a partnership that sold all its assets and terminated in 2015. I am a limited partner. There are section 1231 and 1250 gains and my distributive share of the procee… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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Where on Form 4797 or Schedule D of a partnership return would
Where on Form 4797 or Schedule D of a partnership return would the sale of land held long term and sold at a loss be listed....need lines of forms and how passed to Schedule K-1 of partners.....sectio… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Hi,A few questions on a partnership (hope its not too much):1)
Hi, A few questions on a partnership (hope its not too much): 1) Capital and basis: are basis and capital different? does a personal loan by a partner which was contributed to the business increase th… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
If a limited partnership which has depreciated all the apartments
If a limited partnership which has depreciated all the apartments on a tract of land net leases the land to a third party who tears down the apartment buildings ;does this in and of itself cause a cha… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,877 satisfied customers
Hi Anne, Ive got to re-file 5 or so years of my 1040 along
Hi Anne, I've got to re-file 5 or so years of my 1040 along with a Schedule E. The way I submitted in years prior, I would file my 1040 then when I received my K1 (its a Family Ltd Partnership) I woul… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
Final Tax Reporting for a spouse and decedent arising from
Final Tax Reporting for a spouse and decedent arising from a liquidated limited partnership A married couple were joint limited partners (community property) in a real estate limited partnership. The … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
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