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.
Oops! let me say thank you in advance to anyone who tries to answer this. Best, Cindylouwho22
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