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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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- Re: 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.
