Reporting of partnership

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Subject Author Date Reporting of partnership Glenn Levine 02-27-2007
Posted by Glenn Levine on February 27, 2007, 4:14 pm Please log in for more thread options I had gotten myself involved in a Limited Partnership a few years ago. Each year I submitted a K-1 with my taxes, but this year the partnership fell apart and I had to initiate legal action against the General Partner. I got most of my money back, but lost a little money to legal fees. The K-1 that came out this year had very little to do with the actual value, gain or loss related to my share in the partnership. Do I report the K-1 as is or do my own calculations on what loss I took overall after expenses and legal fees? DC G << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted Partnership K-1 January 4, 2007, 8:54 pm new partnership April 12, 2007, 12:25 am LLC (Partnership) Tax Questions November 7, 2006, 8:19 am individual 401(k) in partnership February 6, 2007, 9:58 pm LLC taxation as a partnership May 29, 2007, 10:45 pm Re: LLC taxation as a partnership June 12, 2007, 1:07 am Re: LLC taxation as a partnership June 21, 2007, 5:44 pm Partnership Distribution - Not on K-1 October 8, 2007, 6:43 pm Re: Partnership Distribution - Not on K-1 October 9, 2007, 8:28 pm Do I have to file Partnership K-1 ? January 18, 2008, 7:36 pm