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Old 04-13-12, 01:38 PM   #1
rumrunn6
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anyone ever file a K1 form with taxes?

me an a bunch of cousins inherited some commercial property and collect less than $2K last year. now I have a K1 form to play with. not sure what fun I'll be in for when I sit down to do my taxes tomorrow. hope I don't have to pay taxes on my share of the value of the property!
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Old 04-13-12, 07:52 PM   #2
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If you're using tax software, answer yes that you have income from a partnership or estate and trust income. The K-1 should tell you which it is,and will then guide you line by line.

hope this helps.
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Old 04-13-12, 08:42 PM   #3
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ok thanks, that was my plan
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Old 04-14-12, 12:27 AM   #4
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Yea, I think I had to do a K1 this year, but I believe Turbo tax and the statement I received took me through it.
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Old 04-14-12, 12:44 AM   #5
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Yeah it's not a big deal, turbotax will guide you through it.
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Old 04-14-12, 05:07 AM   #6
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So will H&R Block's software. A friend had to do this and used H&R Block software.
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Old 04-14-12, 11:14 AM   #7
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I believe you're going to need at least the Premier version of turbo tax for the K-1.
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Old 04-14-12, 11:54 AM   #8
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We had to file a K-1 this year. However, we have an accountant do our taxes, so I can't tell you any specifics on what you have to do with it. Depending on your income, there are tax consequences associated with the K-1.

To bring this back to a bicycle-related topic: I'm part owner of some commercial property and on paper, we made money. But the partners, including me, didn't actually receive any money. Nevertheless, because of the K-1 I had to pay taxes as if I had received the money -- enough to have bought a very nice Di2 bike.
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Old 04-14-12, 05:48 PM   #9
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We had K1's in 2009 and 2010 and the delux version worked just fine.
Even had to do ammended the first year when they showed up after we had already filed since we knew nothing about their being generated until then.

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I believe you're going to need at least the Premier version of turbo tax for the K-1.
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Old 04-17-12, 05:47 PM   #10
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Get thru the K-1, OK?
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Old 04-17-12, 08:58 PM   #11
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filed an extension ...
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Old 04-17-12, 09:58 PM   #12
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K-1 is ugly even with Turbotax. I have a small account inherited from my mother with a few oil and gas partnerships. I've gotten pretty good at it, but the AMT questions are baffling. As soon as I retire and set up a roll-over, self-directed IRA I'm getting rid of these things.
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Old 04-17-12, 11:55 PM   #13
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We don't have K1's in Canada, but a few years ago a man claimed his K-9 as a dependent. Revenue Canada didn't think it was funny.
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Old 04-18-12, 09:07 AM   #14
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Quote:
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We don't have K1's in Canada, but a few years ago a man claimed his K-9 as a dependent. Revenue Canada didn't think it was funny.

Oh, but I do.
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