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What is the relationship between filing personal income taxes and K-1 distributions (from form 1065)?

My confusion is that when entering these K-1s on our personal return, there's a massive increase of taxes owed, yet I thought that all taxes have been deducted when I reported the 1099s employment ...
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3 votes

Should I form a General Partnership? [US-CA]

General partnership is your default structure. You might want to formalize it with a properly written operating agreement, but when you start a sentence with "my friend and I" - you're ...
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1 vote
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for a simple real estate rental LLC, how much data goes on tax form 1065 vs form 8825?

do I include my state lic fees on the 8825 under misc or put them on page 1 of 1065? The LLC fee is not per property and not attributed to property so it shouldn't go on the form 8825. do i put all ...
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1065 Schedule B - 14, who is a foreign partner?

You're referring to IRS Form 1065 Schedule B question 14. Foreign partner is defined by IRC Sec. 1446: (e) Foreign partner For purposes of this section, the term “foreign partner” means any partner ...
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