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andreactamayo
Level 3
June 24, 2020
Question

Should a partnership that started in 2019 file a tax return if it did not make any income, but have some expenses?

  • June 24, 2020
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1 reply

abctax55
abctax55
Level 15
June 24, 2020

Yes... especially if the IRS is expecting a return (based on the letter received after applying for the FEIN).

AND, those expenses may or may not be immediately deductible.  Check into the need to capitalized as start-up costs, depending on the fact pattern.

 

HumanKind... Be Both
    A
    andreactamayoAuthor
    Level 3
    June 24, 2020

    Thank you for your answer.  What will happen whit the losses on his personal return? I know it flows to the Sch E, but will be able to deduct something. The taxpayer does not have other passive income.

     

     

    abctax55
    abctax55
    Level 15
    June 24, 2020

    1) IF the expenses are deductible at the partnership level, the loss will show on the K-1.

    2) The K-1 amounts show on F 1040, Sch E, page 2 IF they are deductible. 

    You imply the K-1 is a passive investment; deductibility of passive losses on F 1040 is dependent on many factors.

    Is this your first F 1065, and the first time you've dealt with a K-1 on a F 1040?

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