tax newbie1 Posted June 29, 2011 Report Share Posted June 29, 2011 This is a really dumb question, but I cannot find it in publication. If a partnership has revenues and expenses net to zero and no sec.179, do I need to attached form Schedule K-1 with the form 1065 to file with the IRS? Thanks, Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted June 29, 2011 Report Share Posted June 29, 2011 To be on the safe side, I would say YES, you do want to show the IRS that are more then 2 partners. I seen a return where the preparer put only 1 (100% owner) partner and right away the IRS sent them a letter saying it had to have more then 2 partners to be considered a partnership...... If I remember correctly, the IRS wanted for future returns to be reported on Sch-C. Quote Link to comment Share on other sites More sharing options...
tax newbie1 Posted June 29, 2011 Author Report Share Posted June 29, 2011 Thank you so much for your help. Quote Link to comment Share on other sites More sharing options...
jainen Posted July 20, 2011 Report Share Posted July 20, 2011 >>revenues and expenses net to zero<< Exactly zero? That sounds odd to me. Anyway, Schedule K-1 (Form 1065) is a required part of the tax return. The instructions to Form 1065 say, "Attach a copy of each Schedule K-1 to the Form 1065 filed with the IRS." Quote Link to comment Share on other sites More sharing options...
michaelmars Posted July 21, 2011 Report Share Posted July 21, 2011 how else does the partner know that there is nothing for htem to report unless you send out a k-1 Quote Link to comment Share on other sites More sharing options...
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