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mohan
Level 3
March 28, 2021
Question

ABANDONMENT OF A PARTNERSHIP INTEREST

Hello, I would like to know where to show "abandoned partnership interest loss". I saw bunch of case references, but I would like to know what form I might use to report on 1040.

If anyone knows please let me know.

 

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3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 28, 2021

The K-1 would be marked Final then a second K-1 page opens up for you to input disposal information.  Abandonment is one of the choices.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    mohanAuthor
    Level 3
    March 31, 2021

    That's on 1065 Tax return. I would like to know where to claim "abandoned partnership loss" on 1040.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    March 31, 2021
    that's for the K-1 (use the K-1 worksheet) that's entered on the 1040.
    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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