Questions tagged [schedule-k-1]

Tax document to report income, loss, and dividends for partners, shareholders, or beneficiaries of a business entity.

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Avoiding tax complexities of MLPs

I would like to invest in master limited partnerships (MLPs) for their high yield, but would like to avoid their tax complexities. If I buy exposure to MLPs through an ETF or mutual fund, will that ...
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If I file an amendment to my taxes, do I pay the difference or just the base amount?

I filed a 1040 a few weeks ago and, per that form, was due a refund. I put in the routing information for my bank information to receive the refund deposit, but I haven't received it yet. I just ...
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Received late K1, but do not owe any tax. Must I amend my return?

I received a late K-1 form. I already filed my taxes. Do I need to file an amended return even if I do not owe any additional tax?
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Adjusting the basis of a Publicly Traded Partnership (PTP) interest?

My question is simple enough, but I've been unable to get a straight answer, even from so called 'tax professionals'. Q. What items of the IRS basis adjustment worksheet in the "Partner's ...
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Income tax on property sale through LLC in another state

I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC. ...
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How do I compute my taxes on a publicly traded partnership fund, as a Non Resident of US?

I hold units in Powershares DB Commodity Index fund (DBC), and so I've received a K-1 from them detailing their income during the year. I was a US Non-Resident Alien / foreign investor during the ...
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Do I have to report all the assets my s-corp disposed of on my personal taxes?

My s-corp issued me a K-1 with a huge list of assets that were disposed of (not sold). They are reported in box 17 as "K* STMT" (meaning code K, statement attached). TurboTax is prompting me to ...
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How exactly do I use a Schedule K1 (Form 1065) on my tax return?

I invested in an LLC as a partner of sorts and recently received a Schedule K1 (Form 1065). I believe I count as a passive investor. The instructions for K1 say the following: If you are an ...