Question

I am a Chef and this year I joined a parntership in a restaurant. I have made two large installments of $25,000 in order to buy my share in the buisness. How and what do I do with my taxes?

Forum|Forum|6 years ago
February 6, 2020
1 reply
0 views

No text available

Not A Product Question

Employee

The partnership files it's own physically separate IRS Form 1065 Partnership Return. The partnership will issue you a K-1 which you will *require* in order to complete your personal 1040 tax return. Your "buy in" is a capital contribution. It will be reflected on the K-1, but there's no real tax break for it.