How can we help?
search-icon
Popular Topics:     Import Options  •   Refund Status  •   Amend Return  •   File Extension
Help Center>
Worksheet for Tracking the Basis of a Partner’s Interest in the Partnership
1

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. From within your TaxAct Online 1065 return, click the Tools dropdown, then click Forms Assistant.
  2. Click + next to the FEDERAL Forms manila folder (if it is not already expanded), then click + next to the Worksheets manila folder.
  3. Scroll down and click Schedule K-1 Partner Basis - Partner Basis Worksheet, then click Form.
Desktop
  1. From within your TaxAct Desktop 1065 return, click Forms in the options bar to view the Forms Explorer (if it is not already visible).
  2. Click Federal from the dropdown in forms explorer, then click the Worksheets dropdown.
  3. Scroll down and click Schedule K-1 - Partner Basis, and it will appear in Forms View