K1 question for tax

Forum|Forum|3 years ago
March 23, 2023
1 reply
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two questions here:
1.I will be getting K1 from my multi family investments and will I get a tax credit for the depreciation from those?
If the answer is yes, how do I go about obtaining it? Does this type of investment actually benefit from the tax exemption?

2. My partner is pursuing an MBA at an Indian university? Can I claim the tax benefit on her behalf because we file jointly and she does not work? Just for the tuition fee?

TurboTax Online

AmyC

Employee

1. a. You are getting a k-1 and will get your share of whatever is being reported. If something is being depreciated, your share will be reported.

1b. See this article for how to enter the K-1.

1c. Since you didn't say what the type of investment is, there is no way to answer the question about tax exemption other than a broad answer, see What is Taxable and Nontaxable Income?

2a. I believe you.

2b. A joint tax return, as in MFJ, means you two are combining income, credit, etc. This means her education expenses can be claimed, if qualified.

2c. There are many factors. Undergrad includes other expenses while graduate school is tuition only. Visit What education tax credits are available?

See Pub 970 for full details on the credits and requirements.

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