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This is ***** *****. I need to fill out a K-1 partner & I.

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This is ***** *****. ...

This is ***** *****.

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

I need to fill out a K-1 for my partner & I. We did not generate any income in 2015. We did spend money to develop a piece of property & we are still developing it now. We incured interest charges. Nothing out of pocket yet. How do I fill out the K-1?

Submitted: 2 years ago.Category: Tax
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Answered in 48 minutes by:
3/14/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,439
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Well, the developing cost, including interest, should be capitalized as part of the development, so if you didn't generate any revenue and the development is not ready to sell or rent or whatever you are going to do with it, and if you paid anything, there wouldn't be anything in the way of deductions to put on a K-1.

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