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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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- I have a partner who got paid $13,000 for a Lawsuit settlement. The check says Capital account payout.
I have a partner who got paid $13,000 for a Lawsuit settlement. The check says Capital account payout.
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RG
Level 3
03-12-2022
01:31 PM
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Does this need to be reported on the tax return?
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3 Comments 3
sjrcpa
Level 15
03-12-2022
01:39 PM
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Sounds like this was received in exchange for his partnership interest.
The sale of a partnership interest is reported on Schedule D/Form 8949. There may be an ordinary income component to the extent of his share of the partnership's hot assets.
The more I know, the more I don't know.
sjrcpa
Level 15
03-17-2022
06:06 PM
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You're welcome.
The more I know, the more I don't know.
