Message Font: Serif | Sans-Serif
No. of Recommendations: 0

You first have to calculate your cost basis for your club interest. This would be the total of all the cash you contributed, plus or minus the income/expense items reported to you each year on your k-1. Don't forget the k-1 for the year that you left the club. The difference between that cost basis and the amount received is the gain reportable on the Schedule D.

If your club was using NAIC's software or, there would be a withdrawal statement that could be supplied to you, showing all the pertinent data.

Rip West
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.