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Posted by Glenn Levine on February 27, 2007, 4:14 pm
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I had gotten myself involved in a Limited Partnership a few
years ago. Each year I submitted a K-1 with my taxes, but
this year the partnership fell apart and I had to initiate
legal action against the General Partner. I got most of my
money back, but lost a little money to legal fees. The K-1
that came out this year had very little to do with the
actual value, gain or loss related to my share in the
partnership.
Do I report the K-1 as is or do my own calculations on what
loss I took overall after expenses and legal fees?
DC G
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