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Liquidating distribution partnership basis
However, since it then is recourse to you based on what you have said, it then is added to your basis; effectively netting to zero.However, if this debt is now being assumed by you, and only you, then this is technically a contribution to the partnership.
You want to show the assets as being distributed out to the partners.
Since the property will take a zero basis, just note in the software the final date of the partnership return, the software should compute the appropriate depreciation.
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Hi, Can someone explain the difference between liquidating and nonliquidating distribution?
I understand a partner recognizes no loss when liquidating distribution is received. If a partner receives liquidating distribution, is the partner no longer partner? All right, let me joggle my dusty memory to recall this concept. This is generally the pre-distribution basis the partner has in their partnership interest. As such, the property distributed to you will have a zero basis. In addition, you will be subject to the depreciation recapture rules when you sell the property.' data-inline-edit-type='wysiwyg' data-inline-edit-url='/answers/5255093' id='inline_edit_answer_5255093_body' Partnership tax is difficult and liquidating a partnership with property distributions can be even more complicated.Net asset value of about k (cost of house minus accumulated depreciation) was allocated accordingly to each partner on the K1s. If so, does that mean that the new basis for me to reflect the asset on my 2016 individual tax return is my share of the k? A disposal means you either sold them or "pitched them" either of which will trigger Section 1231 (and maybe Section 1245).I guess I'm getting confused by the 1231 loss versus the basis that get's transferred to me on my 2016 individual tax return. In either case, you do not want to reflect disposal.Everything else is really moot since the property will just take a zero basis. Am I right to assume that the remaining value of k is distributed in Turbo Tax as a Property Distribution Member Received from LLC and the remaining cash escrow from the mortgage payments is a Cash Distribution Member Received from LLC? I assume the Schedule K-1 section L the box that is checked is "other". I would reflect that cash as a distribution as well.Just make sure each partner has a copy of the depreciation taken up to the point of distribution. Partnerships are very complex for us non-tax specialists. All the mortgage debt is in my name only as we could not get it in the name of the LLC at the time. Not really sure how you handled the debt initially, but if it is in your name this should have been reflected on your K-1 section K as recourse debt.Indeed, I selected "disposed of by some other means" in turbotax.That then triggered the Section 1231 loss allocation to all partners.This is generally the pre-distribution basis the partner has in their partnership interest. As such, the property distributed to you will have a zero basis.In addition, you will be subject to the depreciation recapture rules when you sell the property. One part I don't know is how to make this work in turbotax.