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orange-jasper
February 20, 2024
Question

Where do I show money that was saved over 22 yrs of Sales that was used this year for business expenses and the amount left as a draw on a Partnerships Final Taxes?

  • February 20, 2024
  • 1 reply
  • 0 views
Father & Son Partnership.  Money was claimed as Sale Receipts over the years but never used for emergency expenses or draws.

1 reply

M
Mike9241
February 20, 2024

the income was reported on tax returns so taking it out of the partnership should have no tax consequences or reporting on your 1040 unless it somehow produced negative equity.

 That is the distributions somehow exceed your or your father's tax basis in the partnership, 

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