You really do need to look at your individual investment in this partnership for tax purposes.
First, you may have what we call an outside basis as well as an inside basis in the investment. For example, if a partnership was forming and you purchased 10 shares at the opening price probably your inside basis and outside basis are the same. What the company shows as your basis on their books is the same as what you show.
Determine if you are merely an investor or if you have significant ownership in the company. This will affect your basis.
However, if you buy on the market at a later date, you might have bought the those 10 shares for a different basis than the company's books show. This is your outside basis. You might also have an inherited basis. A tax professional CPA could help you determine this.
Then you need to see what items of loss might have been limited for tax purposes. You maybe then release some of those losses when you sell the investment as they can move from passive to non-passive.
Be careful because with certain PTP the passive losses can only be offset by gains by the same investment.
Now are you convinced to go to a CPA ?
