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:
- Sign in to your TaxAct Online Partnership return.
- Click Tools down the left to expand, then click Forms Assistant.
- Click to expand the FEDERAL Forms folder, then click to expand the Worksheets folder.
- Click to expand the Schedule K-1 - Partner's Basis Worksheet, then select the specific Partner Basis Worksheet needed by clicking the applicable Form icon.
- Start your TaxAct Desktop program.
- Click Forms in the top left corner.
- Expand the Federal folder, then expand the Worksheets folder.
- Scroll down to the Schedule K-1 - Partner Basis - Partner Basis Worksheet.
- Select the specific Partner's Basis Worksheet needed.