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Level 7
February 7, 2022
Solved

Final K-1 from Partnership

If I check the "final" K-1 box, I am asked questions to which I don't know the answers. Partnership was for ownership of a rental property, which sold. So partnership ended. Did my client "sell" his share in the partnership? "For how much?" He rather sold his share in property and has capital gain on his K-1. Can I simply delete all K-1 reference next year and not bother with answering these questions this year?

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IRonMaN
IRonMaNAnswer
Level 15
February 7, 2022

That should work.

Slava Ukraini!

2 replies

IRonMaN
IRonMaNAnswer
Level 15
February 7, 2022

That should work.

Slava Ukraini!
PATAX
Level 12
February 7, 2022

I agree with Iron Man and that should work.