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Basis is the amount of your investment in property for tax purposes. The adjusted partnership basis will be used to figure your gain or loss on the sale or disposition of partnership interest.  

To help you track basis, there is a worksheet within the TaxAct® program that will assist you in calculating a partner's adjusted basis. This worksheet can be kept with your yearly tax records so you can easily determine the adjusted basis when selling or disposing of your interest in the partnership.
 
To navigate to the Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership:

Online: 
  1. Sign in to your TaxAct Online Partnership return
  2. Click Tools to expand the category, then click Forms Assistant
  3. Expand the Federal folder and then expand the Worksheets folder
  4. Scroll down to the worksheet Schedule K-1 - Partner's Basis Worksheet
  5. Select the specific Partner Basis Worksheet needed by clicking the Form icon

Desktop:
  1. Start your TaxAct Desktop program
  2. Click the Forms button in the top left corner
  3. Expand the Federal folder and then expand the Worksheets folder
  4. Scroll down to the worksheet Schedule K-1 - Partner Basis - Partner Basis Worksheet 
  5. Select the specific Partner's Basis Worksheet needed

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