Question
Does anyone know about form 1065?
My friend and I purchased a small business last September, and we formed a general partnership. We only kept the business for 3months and took a 5000.00 loss. We bought the business for 5000 and paid 3 months rent of 500 per month. In what columns would these go in?
3 years ago - 2 answers
Best Answer
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I suggest you look at irs.gov, the IRS website for instructions for Form 1065, or hire a CPA. Trust me, it would be money well spent. In general terms I can tell you that if you invested $5,000 and paid another $1,500 and lost all of that, the partnership will give you a K-1 that goes onto your personal return.
Source(s)
Good luck. I think you need to hire a tax preparer.
by xyzlmnop_tx
3 years ago
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Other Answers
You need to hire a tax preparer. Sounds to me like you don't do enough preliminary planning for things, which is one reason you went in and out of business so quickly.
by kittyrogers- 3 years ago