I went through a similar partnership disposal situation last year and can confirm that "Complete disposition" is the right choice for your brewery sale. Since you received a lump sum and completely transferred your ownership interest, that's exactly what complete disposition means. One thing to watch out for - make sure you're properly accounting for your share of any partnership liabilities you were relieved of as part of the sale. This gets added to your amount realized for calculating gain/loss, even though you didn't receive it as cash. Also, if the brewery had any depreciated assets, inventory, or unrealized receivables, part of your gain might need to be reported as ordinary income rather than capital gains. The key is getting your adjusted basis calculation right. You'll need your original investment plus your cumulative share of partnership income, minus any distributions you received over the years, plus/minus other basis adjustments. If your K-1s over the years didn't clearly track this, you might need to reconstruct it from your records or contact the partnership's accountant.

Based on your description, "Complete disposition" is definitely the correct choice since you sold your entire 15% interest and received a lump sum payment. You're no longer a partner in the brewery, which is exactly what complete disposition means. A few important things to double-check for your tax filing: 1. **Debt relief**: As others mentioned, if you were relieved of your share of any partnership liabilities (loans, accounts payable, etc.), that amount needs to be added to your sale proceeds when calculating gain/loss, even though you didn't receive it as cash. 2. **Basis calculation**: Make sure you have your adjusted basis correct - this includes your original investment, plus your share of partnership income over the years, minus any distributions you received, plus/minus other basis adjustments from your annual K-1s. 3. **Hot assets**: Since it's a brewery, check if there's any inventory, accounts receivable, or depreciated equipment that could trigger ordinary income treatment on part of your gain rather than capital gains treatment. Your final K-1 should have helped with some of this information, but brewery partnerships don't always provide complete disposition details. If you're missing critical information for the gain calculation, definitely reach out to the partnership's accountant before filing. The good news is that selecting "Complete disposition" in TurboTax will prompt you through the necessary forms (Schedule D, possibly Form 8949) to properly report the sale.

FYI for anyone interested in short selling - the tax reporting on your 1099-B can be a total nightmare. My broker reported my short sales in a really confusing way last year. Box 1a showed proceeds from the short sale (when I sold the borrowed shares), but the cost basis in Box 1e was reported as $0 since technically I hadn't purchased anything yet. Then when I closed the position months later, it showed up as a separate transaction with the purchase price as my cost basis. Made it look like I had a huge gain on the first transaction and then a completely separate transaction later. TurboTax couldn't handle it properly without manual adjustments.

The 1099-B reporting issue you mentioned is exactly why I switched to FreeTaxUSA last year. It has a specific section for adjusting short sale transactions where you can manually link the opening and closing transactions together. You enter both the short sale date and the covering date, and it calculates the proper gain/loss and holding period. I also learned that some brokers will issue a corrected 1099-B if you contact them about short sale reporting errors. Schwab actually sent me an amended form after I pointed out that they had incorrectly split my short-against-the-box transactions across multiple tax lots. Worth checking with your broker before spending hours manually adjusting everything. One tip: keep detailed records of your short sale dates and covering dates separate from what the broker reports. The IRS matching system sometimes flags discrepancies when the 1099-B doesn't clearly show the complete short sale cycle.

I'm in the exact same boat! Filed my CA state return in mid-January and still waiting on my refund too. The anxiety is so real when you're counting on that money! 😰 What's been really helpful for me is using that automated phone line others mentioned (1-800-338-0505) - you can check your status without the stress of trying to reach a human agent. I also found out that CA has been experiencing longer processing times this year due to increased fraud prevention measures and staffing issues. From what I'm seeing in this thread, 4-6 weeks seems to be the new normal, which is frustrating but at least we know it's not just us! I've been trying to check the status weekly instead of daily to save my sanity. Hang in there - sounds like we should hopefully see some movement soon based on everyone's timelines! 🤞

I'm going through the exact same thing! Filed my CA state return in early February and it's been such a stressful waiting game. What really helped calm my nerves was calling that automated line at 1-800-338-0505 that several people mentioned - you can get your refund status instantly without waiting on hold for hours. I also learned from this thread that CA is experiencing longer processing times this year (4-6 weeks seems to be the norm now) due to increased fraud prevention and staffing issues. It's frustrating but at least we know it's a systemic issue and not something wrong with our individual returns. I've switched from checking daily to weekly to preserve my sanity! Thanks for starting this thread - it's so comforting to know we're all in this together. Hopefully we'll all see some movement soon! 🤞✨

Has anyone mentioned Schedule K-1 yet? When I handled my father's estate last year, I had to issue K-1s to all the beneficiaries for their portion of the estate income. That was the most confusing part for me!

I'm so sorry for your loss, Jayden. Dealing with estate taxes while grieving is incredibly difficult. From what you've described, you're on the right track with getting the EIN. Since your mom had minimal assets (house with mortgage and car), you may not need to file Form 1041 unless the estate generated over $600 in income after her death. This would typically come from things like interest, dividends, or rental income - not the assets themselves. For the SSA-1099, you'll need to determine if those Social Security payments were for periods before or after her death. Benefits for time periods when she was alive go on her final Form 1040 (covering January 1 to date of death). Any benefits received for periods after death should be returned to Social Security. A few key things to consider: - You'll likely need to file her final personal return (1040) in addition to potentially filing the estate return (1041) - The house and car are estate assets but don't create taxable income unless sold or generating rental income - Keep detailed records of all estate expenses (funeral costs, legal fees, etc.) as these may be deductible Don't feel bad about being confused - this is complex stuff even for professionals. Consider consulting with a tax professional who specializes in estate returns if your attorney isn't providing clear guidance on the tax aspects.

I'm going through this exact situation right now with property in Italy. My accountant says the key thing is the TIMING - you file Form 3520 in the tax year when you legally receive the property, not when the person died. So if Portugal's inheritance process isn't complete yet, you wouldn't file until it's done. Also, make sure you get a Form 8833 filled out to claim treaty benefits if the US has a tax treaty with Portugal. This can protect you from double taxation. My accountant is charging me $650 just to prepare these two forms!

This is such a complex area! I inherited a small apartment in France from my grandmother two years ago and made the mistake of not filing Form 3520 initially because I thought it only applied to cash gifts. The IRS eventually caught up with me through their automatic data matching systems. What saved me was being able to show "reasonable cause" for the late filing - I had documentation that I relied on incorrect advice from my original tax preparer. The key lesson is that Form 3520 applies to ALL foreign inheritances over $100k, including real estate, regardless of whether you plan to keep or sell the property. Since you're still going through Portugal's inheritance process, you have time to get this right. File Form 3520 for the tax year when legal ownership actually transfers to you (not when your father passed). Keep detailed records of the Portuguese inheritance proceedings to document the exact transfer date. And definitely get some form of valuation documentation - even if it's just comparable sales data from Portuguese real estate websites - to support whatever value you report.