Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I owned a property with a partner through a LLC we bought in…

Customer Question
I owned a property...

I owned a property with a partner through a LLC we bought in 2009. He and I parted ways and he ways no longer an owner in the LLC. However, he was still tied to the mortgage of the property since we both had to personally guarantee it. We also had an agreement that at any time if I sold the property and we needed cash to close out the deal we would split the amount of cash needed, which is what happened in 2017. Now I am being asked to provide a tax statement for the loss and I am not sure how I would go about doing that. Please Help.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I can think of.

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
3/6/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,064
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from Just Answer. I'mCustomer and can assist.

Ask Your Own Tax Question
Customer reply replied 3 months ago
I owned a property with a partner through a LLC we bought in 2009. He and I parted ways and he ways no longer an owner in the LLC. However, he was still tied to the mortgage of the property since we both had to personally guarantee it. We also had an agreement that at any time if I sold theproperty and we needed cash to close out the deal we would split the amount of cash needed, which is what happened in 2017. Now I am being asked to provide a tax statement for the loss and I am not sure how I would go about doing that. Please Help.
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago

A copy of the tax return showing the loss will likely do, but I'm not sure you will want to do this.

See, if you sold at a cash loss, but had depreciation recapture, this may be interpreted to mean you did not have a loss to be shared.

This sounds to me like a legal request. You did not outline receipt of the cash you believe you are entitled to, and perhaps are negotiating that now. If you sold, and received cash from your former partner, I assume there would be no need for this statement.

These seem like professional services, which we can't offer as an online information service. I can offer those services to you as a Premium Service.

I would ask to see the last tax return, your contract with your former partner, and the closing statement for the sale.

I'll post an offer for a review of your papers. My offer is for work after March 15th. Work required sooner will be more expensive.

Thanks for asking at just answer. See my offer.

Customer/p>
Ask Your Own Tax Question
Customer reply replied 3 months ago
Isn't it a requirement to furnish all partnership tax statements by 3/15? Also I know there should be a cash loss to share but would that be a K1 even though they were not technically a partner for the entire company?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago

Partnership returns are due April 15th, and filing can be extended if more time is needed. And if he was the only other partner, and formally sold his interest or surrendered, the partnership should have terminated and a final 1065 prepared. Then you file the income return personally starting the next day. Your former partner is never privy to

your ownership after he left.

I thought you sold in 2017, and the cash loss known.

See my offer to assist.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
Got a multi member llc in TN. Filed the 2016 tax return
Got a multi member llc in TN. Filed the 2016 tax return (form 1065) by October 10, 2017. Filed all the personal returns for the members by October 15, 2017. Of course the partnership return was due by… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Finally filing 2016 income tax returns. Filing as "married
Finally filing 2016 income tax returns. Filing as "married filing separate return". Did not live with spouse at all in 2016. What is she on my return: an exemption? a dependent? an alimony expense onl… read more
abci168
abci168
Principal
27 satisfied customers
If I file an incorrect return type (i.e., partnership
Hi Barbara,If I file an incorrect return type (i.e., partnership instead of S Corp), and I want to file the S Corp return instead, what would I do for NY and Federal? Thanks.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
It has to do with depreciation on rental property.
It has to do with depreciation on rental property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a question about filing rental property depreciation?
I have a question about filing rental property depreciation? I owned a rental property and recently had to sell it but I had to spend an awful lot of money before the sale? How do I report this on sch… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,385 satisfied customers
A partnership sold their royalty interest. Several of the
A partnership sold their royalty interest. Several of the partners have passed away during the years so their interests have passed to their heirs. I don't have the basis of each partner's share assum… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,064 satisfied customers
When filing a final partnership tax return does it matter if
When filing a final partnership tax return does it matter if the ending equity balance of each individual partner is not zero? Basically they total 0 when combined but some partners are positive and o… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,064 satisfied customers
Can an LLC taxed as a partnership with only husband and wife
can an LLC taxed as a partnership with only husband and wife owners elect to be a joint venture and put everything on schedule C's? If so, do they need to do an 8832?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Can you claim interest or depreciation on a rental property
Can you claim interest or depreciation on a rental property if the tenant is a relative and the relative pays the mortgage and interest and insurance? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have an existing LLC which filed as a partnership and then
I have an existing LLC which filed as a partnership and then as a schedule when it became a one member LLC. I now want to be treated as an s-corp in 2018. Do I need to file both 8832 and 2553 or just … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
Can a married LLC Partnership file schedule C on their 1040
Can a married LLC Partnership file schedule C on their 1040 with their W2 income? And if so if they fie separate sch C how do they go about it? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do I figure out depreciation for my income tax return? A
How do I figure out depreciation for my income tax return? A friend recently died owning tillable and productive farmland with no buildings. The farmland was appraised by a licensed appraiser. He did … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,385 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 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