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Hello! Here's my tax question. In 1981 I bought 10 shares of McNeil Real Estate Fund XI, Ltd. for $10,000, which, after some twists and turns through bancruptcy court a few years ago, was liquidated in 2000. We sold our 10 shares in 2002 for a total of $2,213.90. We had some good years of tax deductions for this investment, and the capital accout at the end of 2000, on the last K_1 was negative $513.40.(line Je of the K-1. There's also a perhaps significant amount in another line,F, Qualified Nonrecourse financing positive $2,118.03. Any idea how I should treat this for tax purposes? Whatever happens, I am very happy I don't have to deal with figuring out these K-1s every year in the future. Never again!! This was our only passive real estate investment, so I've never used the passive losses accrued.
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Oops! let me say thank you in advance to anyone who tries to answer this. Best, Cindylouwho22
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