Client sold partnership in 2009 therefore he did not recieve any 09 K-1 from that partnership but when I transferred my client over from 08 to 09, his K-1 he sold carried over with a loss. Seems to me a "final" K-1 should have been issued to my client. Is that correct? Can he still take the loss that carried over without an 09 K-1 from that sold partnership?
Announcement
Collapse
No announcement yet.
Final K-1 from sold partnership?
Collapse
X
-
Originally posted by AZ-Tax View PostClient sold partnership in 2009 therefore he did not recieve any 09 K-1 from that partnership but when I transferred my client over from 08 to 09, his K-1 he sold carried over with a loss. Seems to me a "final" K-1 should have been issued to my client. Is that correct? Can he still take the loss that carried over without an 09 K-1 from that sold partnership?
You need to contact your client's accountant/new accountant to find out what happend to the final K-1. You said "Sold" so there should be a sales contract breaking down all the issues of the sale. Do not proceed without all details & K-1This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Comment