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Final K-1 from sold partnership?

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    Final K-1 from sold partnership?

    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?

    #2
    Originally posted by AZ-Tax View Post
    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?

    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-1
    This 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.

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