How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10131
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

My sister and I ran a very unsuccessful business last year

Customer Question

My sister and I ran a very unsuccessful business last year and closed this year. We sent out our tax forms, I moved shortly after that and am unable to find the copies of our tax forms. The IRS says they didn't get our schedule K 1's so I am trying to re create them with limited info. I know we listed -658.00 for our income on the 1065. Do I just put 50% for partner share and then -329.00 on line 1 of part III
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

Yes, that's right.

...

If you each owned 50% and 658 was the loss, then you'd both get a K-1 with -320 on line 1 ,"Ordinary Income and loss."

...

Lane

.

Customer: replied 1 year ago.
are there any other boxes I would need to complete? I don't think any of the other ones apply but its not exactly self explanatory. Would I need to put 50% under profit , loss, and capital? Am I supposed to send in an itemized list of expenses along with the K1?
Expert:  Lane replied 1 year ago.

Yes, 50% IS the default for profit, loss, and capital ... if you haven't set it up in any other way.

...

And no you don't need to send in a list ... I would keep in your files, in the event of an audit.

...

But their asking for the K-1's shows that it's likely that they just want to get the checklist of forms that should have been sent in complete, and no more.

Expert:  Lane replied 1 year ago.

Did you see my answer to your follow-up?

...

If you need more on this, pleas let me know

...

If this HAS helped, and you don’t have additional questions on this, your positive rating … (by clicking or touching the stars or smileys on your screen) … would be appreciated!That’s the only way I'll be credited a portion of what you've paid JustAnswer.

....

Thank you,

Lane

.

Related Tax Questions