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Filing season tip: No K-1? Don’t panic!
Lots of taxpayers think a partnership or S corporation will get in trouble because they haven’t gotten K-1s out yet. After all, aren’t they supposed to get them to you by January 31? No. The deadline...
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Can you skip a partnership return for the farm you own with your siblings?
That might be an expensive bad idea. Paul Neiffer explains at Farm CPA Today.
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Is that K-1 loss deductible?
I cover the basics of deducting K-1 losses in my latest entry at IowaBiz.com. IowaBiz is the Des Moines Business Record’s group blog for entrepreneurs. You should be checking in there daily!
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Reading your 2010 K-1
“How do I read my K-1″ is one of the most common searches used to find the Tax Update. It’s always worth recounting what a K-1 does, and how to use the one you received to prepare your 1040. One of the...
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Reading your K-1: partnership debt basis
You have to have basis in your partnership or S corporation interest to deduct losses on your K-1. You also have to clear some other hurdles, but if you don’t have basis, you don’t even get to them....
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Understanding K-1s: is my basis ‘at-risk’?
So you can have basis in your partnership as a result of borrowings by the partnership. If that basis isn’t considered “at-risk,” a fat lot of good it does you. The “at-risk rules” were enacted back in...
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Can buying a limited partnership make you taxable in other states?
Yes it can. Brian Strahle has the scoop at Leverage/SALT.
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What do I do with that partnership K-1?
2011 1065 K-1, Part III April is here, and it’s time to get serious about wrapping up your tax return. So you’ve got this K-1 thing from an S corporation or a partnership. What are you supposed to do...
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How much K-1 loss can I deduct? Start with your basis.
If search statistics for the Tax Update are any indication, one of the most pressing issues for people who end up here is “why can’t I deduct my K-1 loss?” There are three main reasons why your S...
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Does my share of partnership debt let me deduct K-1 losses?
As we discussed yesterday, you need basis in your partnership or S corporation interest to deduct losses on your K-1. There are other hurdles, but if you don’t have basis, you’re done. Your basis...
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