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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 1065 K-1
1065 K-1
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Kaye
Level 1
06-15-2020
01:47 PM
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Partner received final 1065 K-1. Partnership was discontinued - NOT sold. K-1 shows a Net loss on Line 1 which zeros out her capital account.
How do I report in Pro Series - partnership was not sold and I would thing she can take the loss in the final year of sale. Her initial capital contribution exceeded the loss amount.
K-1 additional info has a line for abandoned partnership interest - I'm then asked for sale info...…..
Enter the "Sales Price" (there was no sale) of $0 and purchase info (Capital Contribution)?
Any help greatly appreciated 🙂
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