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Old 08-03-2015, 12:14 PM
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Join Date: Aug 2015
Posts: 1
K-1 help please

I was a 20% partner in an LLP for years. In 2014 I sold all interest in that LLP. It is not a PTP. Do I have to list the money I was bought out with separately on my return? I received a K-1 showing the sale information. It shows:

Beginning capitol account: 58,946
Capitol contributed: 0
Current year increase/decrease: 0
Withdrawls & distributions: (58,946)
Ending capitol account: 0

all boxes 1-20 are empty except 19, it shows: C* STMT

on the statement it shows:

Transfer of Captiol Adjusted basis: 58,946 Fair market value: (blank)

I have always prided myself in filing my own returns but this has me confused this year.

thanks for any help

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