Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My mother is divorced and unmarried. She is limited partner

Customer Question
Hi, My mother is divorced and...
Hi,
My mother is divorced and unmarried. She is limited partner in real estate properties. She did not write a will and her children are myself and my sister. In the event of her death, does the limited partnership share gets distributed to me and my sister or does it get distributed to other limited/general partners? Should she write a will?
Thanks
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
10/24/2015
Tax Professional: Peter Griesch,
 replied 2 years ago
Peter Griesch
Category: Tax
Satisfied Customers: 324
Experience: Tax Counsel at AIG, Inc.
Verified

Thank you for your question.

First, yes, your mother should write a will. It makes things much easier when a person does.

That said, if a person dies without a will, that person's property passes to their heirs via the intestate rules. Your mother owns a property interest in a partnership. You will be entitled to that interest or the liquidated value of that interest, depending upon how the partnership agreement is worded. Generally, the partner's interest does not pass to another person, but instead, the partnership pays the next of kin the value of that partnership interest.

I hope this helps.

Ask Your Own Tax Question
Tax Professional: Peter Griesch,
 replied 2 years ago

Please remember to rate my response. Just Answer only pays its experts if the customer rates the response. Thank you.

Ask Your Own Tax Question
Ask Peter Griesch Your Own Question
Peter Griesch
Peter Griesch
Peter Griesch
Category: Tax
Satisfied Customers: 324
324 Satisfied Customers
Experience: Tax Counsel at AIG, Inc.

Peter Griesch is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
In a LLC partnership. Two partners equal partners. No
In a LLC partnership. Two partners equal partners. No employees. Each putting max into their SEP accounts. Does the contribution have come from the partnership cash account or their personal accounts.… read more
abci168
abci168
Principal
27 satisfied customers
Taxpayer invested in two partnerships totaling $70,000.00.
Taxpayer invested in two partnerships totaling $70,000.00. K-1's received for a number of years showing zero income and expenses. Taxpayer receives each K-1 showing $70,000.00 invested and no adjustme… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am the 50% owner of a company in NJ. The partnership is
I am the 50% owner of a company in NJ. The partnership is between me and my brother. I want to forgo my ownership and get my name off the company. How do I go about doing that.… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
717 satisfied customers
Tax Experts Rental building was purchased by partnership
Tax ExpertsRental building was purchased by partnership (LLC). Ownership structure is 50% A, 25% B, 25% C. B and C will be replaced with a new owner D (single member LLC). New owner will pay off B and… read more
socrateaser
socrateaser
1,031 satisfied customers
On a property sale which 4 members have a 1/3 interest on
On a property sale which 4 members have a 1/3 interest on the sale. … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
717 satisfied customers
Several years ago I formed a partnership with another person
Several years ago I formed a partnership with another person and we bought an investment condo. This year we sold the condo but unfortunately never filed for a tax id number. Do we file the 1099-S wit… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are tax rules for an inherited Roth IRA, GA, the
what are tax rules for an inherited Roth IRA JA: Since estate law varies from place to place, can you tell me what state this is in? Customer: GA JA: What documents or supporting evidence do you have?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have an LLP (limited liability partnership) with an
I have an LLP (limited liability partnership) with an operating agreement that indicates it's organized as a general partnership. I am the designated 'tax matters partner'. The *other* partner is resp… read more
abci168
abci168
Principal
27 satisfied customers
I have a question about recording a sale of a partnership
I have a question about recording a sale of a partnership interest and was wondering if anyone was available … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Question regarding taxation of partnership distributions and
Hi, question regarding taxation of partnership distributions and capital gains … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,310 satisfied customers
I (US person) own 50% in a foreign partnership (real estate
I (US person) own 50% in a foreign partnership (real estate partnership under civil law (GbR) in Germany), the other 50% are held by a none US person. - I have rental income from the foreign partnersh… read more
taxmanrog
taxmanrog
Master\u0027s Degree
697 satisfied customers
If a partner leaves a partnership, should his negative
If a partner leaves a partnership, should his negative equity go to the replacement partner; be split pro rata among the remaining partners or can the owner/managing partner assign the negative partne… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am preparing a partnership tax return for 2016. The
I am preparing a partnership tax return for 2016. The partnership holds commercial rental property. one of the partners, 50%owner, passed away in April 2016 and left his interest to his spouse. i woul… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
A Nevada partnership (LLC form in Nevada) own property in
A Nevada partnership (LLC form in Nevada) own property in Nevada. in 2016, the partnership hire a manager in California to manage Nevada rental property (this manager is show on the Nevada Secretary s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can a negative basis in a partnership beextinquished by a
Can a negative basis in a partnership beextinquished by a partner … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If a partnership has a rental property they sold in 2016.
If a partnership has a rental property they sold in 2016. Basis is 120,000 plus 50,000 for land in 2013. When I entered the building in Part III 1250 property on 4797 and the land in Part 1 on the 479… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a general Partnership that owns a 1% interest general
I have a general Partnership that owns a 1% interest general partnership interest in 9 limited partnerships. the other 99% is owned by Limited Partners. The GP incurs accounting fee, office expenses, … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I own a 20% interest in the partnership. The partnership
Hi. I own a 20% interest in the partnership. The partnership owns land worth $380,000. The land has a basis inside the partnership of $800,000. I would like to purchase the land from the partnership w… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x