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Level 4
April 22, 2021
Solved

Terminating a Partnership

  • April 22, 2021
  • 1 reply
  • 6 views

I have a client who was in a partnership with his wife for many years and it consisted of several rental properties.  The partnership was already set up when I started preparing their taxes and they had created an LLC and they filed a 1065 each year with K-1's for each of them.  His wife passed away in 2020 and he removed her from the LLC and we filed a final 1065 but what else does he need to do with the IRS and state of Indiana - does he just file a 1040 with Schedule E's or what?

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Best answer by sjrcpa

"does he just file a 1040 with Schedule E's"

Yes

1 reply

sjrcpa
sjrcpaAnswer
Level 15
April 22, 2021

"does he just file a 1040 with Schedule E's"

Yes

The more I know the more I don’t know.
TP82Author
Level 4
April 22, 2021

Great, thanks.  I didn't know if there were any other filings that needed to be done.