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I'm trying to complete a form 1065 tax return for

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I'm trying to complete a...
I'm trying to complete a form 1065 tax return for partnership who's sole activity is a single loan to a nonprofit entity. It receives interest income on it's loan, all of which passes through and is paid to the members, and it is run and administer by volunteers so it has no expenses of other items of income. How/where should the interest income be reported, and how does it flow through to partner K-1's?
Submitted: 4 months ago.Category: Tax
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3/15/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

On the form 1065, you would report the interest income as Other Income on Line 7 (with an explanation as to what the interest income is from). On the K-1, the amount is shown on Line 5 of Part III.

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Customer reply replied 4 months ago
Thanks. Can the 1065 and K-1 both be extended?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

You are welcome. The Schedule K-1 is not a standalone form that can be filed. It is a part of the Form 1065. You can apply for an extension for the Form 1065, however, the 1065 return due date is today, the 15th, so you need to get the extension in the mail TODAY. You would use the Form 7004 to request the extension.

Link to Form 7004:

https://www.irs.gov/pub/irs-pdf/f7004.pdf

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