hgtc
Level 5
04-08-2020
12:11 PM
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Taxpayer received final K-1 (limited partner) that have negative ending capital balance. Taxpayer did receive $119 distribution during the year. But, Partnership was sold and he did not receive any residual from the buyer.
1. do I report $119 as capital gain distribution? If yes, where to input this?
2. do we need to report ~$3k negative capital as gain?
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