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- I have partners in a partnership who receive royalty payments ,have an ownership % but do not have profit or loss %. How do I report on the return & K1s the royalies?
I have partners in a partnership who receive royalty payments ,have an ownership % but do not have profit or loss %. How do I report on the return & K1s the royalies?
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royc
Level 2
04-05-2023
09:43 PM
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Can this be reported as guarantted payments to partners?
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sjrcpa
Level 15
04-05-2023
09:49 PM
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No it is not Guaranteed Payments. Royalties are a separately stated pass through item and retain their character. If you know how much each partner received, specially allocate them.
The more I know, the more I don't know.
