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Question

k-1 entry

Forum|Forum|2 years ago
October 14, 2023
1 reply
0 views

Hello,

My real estate partnership was dissolved in 2021, and therefore I didn't receive any K-1 for 2022. Do I just delete the K-1 for that particular partnership for the 2022 filing? Or does it need to be still kept there in TurboTax for any future profit/loss calculations for other partnerships (not related) to be dissolved later?

Thank you.

Employee

Did you receive a final K-1 for 2021 (the year of dissolution)?

If so, and you entered that K-1 into the 2021 program, you can delete the 2022 entry.

FS1966Author

Thank you.

if you had any unrecovered tax basis, that would be a write off in 2021. Turbotax probably wouldn't ask if final K-1 not marked or you may have exhausted your tax basis and have nothing more to write off.