Question by  steve244 (11)

How do you end K-1 taxes in a partnership sale?


Answer by  MSH (305)

Generally there is a box you check on your K-1 that lets the IRS know that you have either ended the partnership, left the partnership or sold the partnership. When you file your final tax return as part og the partnership you complete that box on the K-1 and submit it to the taxing authority


Answer by  salsafoodie (3146)

You will have to estimate the sales tax in order to determined the K-1 taxes when it comes to a partnership sales.


Answer by  Att4372 (1704)

K-1 reports income and expenses, which you transfer to your tax return. You pay taxes, not the partnership or K-1. Your final K-1 lets you claim previous carryforward losses.

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