michaelmars Posted February 22, 2014 Report Share Posted February 22, 2014 just looking for consensus or best practices. If partners contribute capital and then take a distribution in the same year [assuming the same partners, percentages etc] do you show the in and out on the tax return or do you net the amount? Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 22, 2014 Report Share Posted February 22, 2014 I show the in and out. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 22, 2014 Report Share Posted February 22, 2014 I show the in and out so that if questioned it tracks with the paper trail. 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 22, 2014 Report Share Posted February 22, 2014 I agree with both KC and mcb39. I show both the in and out for the same purposes. Maybe I am a little anal about tracking the partnership basis, but I attach a worksheet to their individual K-1's that shows both outside basis and capital. That way there are no questions. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 22, 2014 Report Share Posted February 22, 2014 I report both. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 23, 2014 Author Report Share Posted February 23, 2014 THANKS, ALL I tend to agree but then you get the calls from some partners that complain, I didn't get money I put money in during the year. they just care about the net. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 23, 2014 Report Share Posted February 23, 2014 >>>I didn't get money I put money in during the year.<<< I am waiting to hear from one partner this to contact me when he sees the reduction in his capital account due to the loss in revenue this year. They enjoy the loss on their individual returns but don't come close to understanding why the capital is reduced. Quote Link to comment Share on other sites More sharing options...
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