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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.
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- How do I show death of a Partner and transfer of ownership to his spouse in 1065 rteurn?
How do I show death of a Partner and transfer of ownership to his spouse in 1065 rteurn?
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Jim S2
Level 1
02-15-2021
02:33 PM
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40% partner passed in 4/20 and his ownership interest passed to his spouse.
How do I reflect that and add his spouse as new partner in Form 1065 in ProSeries?
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Accountant-Man
Level 13
02-15-2021
03:01 PM
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First, enter new Partner's name, address and SSN(or EIN) on "Schedule K-1 Worksheet."
Next, go to other k-1 worksheet page for changes, "Additional Special Allocations and Weighted Average Worksheet." Enter the date of death for the decedent and enter the new partner's ownership(40% with that date also.
I am not going into any capital changes for step ups in this thread.
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