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C
cmbuss01
Employee
January 10, 2024
Question

how do i change a partnership to sole owner

  • January 10, 2024
  • 2 replies
  • 0 views
No text available

2 replies

M
Mike9241
January 10, 2024

The partnership terminates and a final return is filed. Since you are continuing the business it would be reported directly on your 1040. Most likely schedule C unless it is rental real estate or farm. 

 

There can be tax consequences to every partner upon liquidation. see this link. If you don't understand post back with your questions. We may be able to help or consult a tax pro. 

https://brewerlong.com/information/business-law/tax-consequences-of-dissolving-a-business-partnership/ 

 

Rick19744
Rick19744
Employee
January 10, 2024

You need to look at the IRS Revenue Ruling 99-6 as this provides some guidance on some of the technicalities involved.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
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