Thank you @Rick19744 I'm afraid I'm lost on tracking tax basis, I'm assuming that tax basis is same as "Partnership Basis" asked for in TurboTax?
I understand tax basis = money contributed, liability contributed, income partnership received LESS losses and nondeductible expenses.
For 2021 this would be:
35000 + 61202 ( 59403 QNR financing + 1799 non recourse share of liability contributed) + (0 income) -31531 (losses) = 64671
On my 2021 tax Box 20 Code Z, there is a note that "unadjusted bias of assets is 84225". Seems like I'm missing something
Not sure I should attempt 2022 or 2023 estimation without knowing I'm on the right track ...
| | 2021 | 2022 | 2023 |
| Starting | 0 | 3469 | -2266 |
| Initial Investment | 35000 | | |
| allocable net income | -31531 | -5148 | 45297 |
| cash distribution | | 587 | 42888 |
| Box 2 rental inc/loss | -31531 | -5147 | 12337 |
| Box 10 | | | 32960 |
| Box 19 Distribution | | | 42888 |
