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How do I report the sale of a Partnership? Husband and Wife…

How do I report...

How do I report the sale of a Partnership?

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Husband and Wife LLC Partnership with one asset - a building, and one liability-mortgage on that building, sells Partnership to third party. What entries are made on the 1065, K-1 and the husband and wife's joint return?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I have been doing mostly individual tax returns for 20 years on the side. This is the only partnership return I have to do and need to terminate it as of 12/20/17, when the interests in the partnership were sold.

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Customer reply replied 4 months ago
I just need to make sure I report the termination of the Partnership and properly reflect the gain on the sale on the former partners 1040. Shouldn't take much time. Please call me at(###) ###-####
Answered in 3 hours by:
3/10/2018
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,186
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Dear Customer,

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Fiona

Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,186
Experience: Former IRS Revenue Agent
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Customer reply replied 4 months ago
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