ltd partnership basis


G

gypman

I have a Ltd Partnership (a realestate investment trust)
that has been a dog. I got an offer to buy it for $100 per
share. ( I have 10 shares so would get a total of $1000 -
$100 fee).

The capital account at the end of 2003 (have not recieved
the k-1 for this year yet) was listed as <7368>, which I
assume is a negative number. Is this my basis? If so how
do I handle a negative basis on sched. D. I don't even know
if I have a loss or a gain.

george green in sunny san diego
 
Ad

Advertisements

D

David Woods, EA, ChFC, CLU

gypman said:
I have a Ltd Partnership (a realestate investment trust)
that has been a dog. I got an offer to buy it for $100 per
share. ( I have 10 shares so would get a total of $1000 -
$100 fee).

The capital account at the end of 2003 (have not recieved
the k-1 for this year yet) was listed as <7368>, which I
assume is a negative number. Is this my basis? If so how
do I handle a negative basis on sched. D. I don't even know
if I have a loss or a gain.
It's not your basis, nor is your basis readily ascertainable
even by looking at the most recent tax return. You need the
services of someone who is familiar these issues to look at
it for you.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top