Discussion:Husband and Wife Partnership
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| Revision as of 17:39, 25 October 2007 Riley2 (Talk | contribs) (The loss must be) ← Previous diff |
Revision as of 17:43, 25 October 2007 Skq9545 (Talk | contribs) (I may have answe) Next diff → |
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| {{ForumReplyPost|UserID=Riley2|Date=25 October 2007|Text=The loss must be allocated according to the partnership agreement. If there is no partnership agreement, the loss must be allocated according to their respective ownership interests. If the partnership is owned on a 50-50 basis, the loss should be allocated similarly. If you practice in a community property state, it is likely that the partnership is also community property (50-50).}} | {{ForumReplyPost|UserID=Riley2|Date=25 October 2007|Text=The loss must be allocated according to the partnership agreement. If there is no partnership agreement, the loss must be allocated according to their respective ownership interests. If the partnership is owned on a 50-50 basis, the loss should be allocated similarly. If you practice in a community property state, it is likely that the partnership is also community property (50-50).}} | ||
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| + | {{ForumReplyPost|UserID=Skq9545|Date=October 25, 2007|Text=I may have answered my own question. Publication 541 info on a husband-wife partnership. each spouse should carry his or her share of the partnership income or loss from Schedule K-1 (Form 1065) to their joint or separate Form 1040's. I was just trying to take a different approach and if he has already filed his income tax for the year, I thought she might capitalize on the full loss. }} | ||
Revision as of 17:43, 25 October 2007
Discussion Forum Index --> Basic Tax Questions --> Husband and Wife Partnership
Discussion Forum Index --> Tax Questions --> Husband and Wife Partnership
| October 25, 2007 | |
| I have a client who is filing married filing separately. Her and her husband run a small company as a partnership. He has already filed 2006. The 1065 was just prepared and the K-1 generated. Is there any stipulation that says she cannot take 100% of the K-1 loss. If the division of everything was 50%-50% before, is there some kind of declaration that has to be made that stating that she is taking 100% of the loss or gain but the capital is still at 50-50. I believe next year they plan on filing jointly, so it should make no difference from an income or loss stand point. Thank you for your input. | |
| 25 October 2007 | |
| The loss must be allocated according to the partnership agreement. If there is no partnership agreement, the loss must be allocated according to their respective ownership interests. If the partnership is owned on a 50-50 basis, the loss should be allocated similarly. If you practice in a community property state, it is likely that the partnership is also community property (50-50). | |
| October 25, 2007 | |
| I may have answered my own question. Publication 541 info on a husband-wife partnership. each spouse should carry his or her share of the partnership income or loss from Schedule K-1 (Form 1065) to their joint or separate Form 1040's. I was just trying to take a different approach and if he has already filed his income tax for the year, I thought she might capitalize on the full loss. | |
