Advertise on Bikeforums.net



User Tag List

Results 1 to 14 of 14
  1. #1
    Senior Member rumrunn6's Avatar
    Join Date
    Jul 2008
    Location
    25 miles northwest of Boston
    My Bikes
    Bottecchia Sprint
    Posts
    12,033
    Mentioned
    5 Post(s)
    Tagged
    0 Thread(s)

    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!
    cycling is like baseball ~ it doesn't take much to make it interesting

  2. #2
    Senior Member
    Join Date
    Dec 2010
    Location
    Rochester, NY
    My Bikes
    Specialized Crossroads
    Posts
    76
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.

  3. #3
    Senior Member rumrunn6's Avatar
    Join Date
    Jul 2008
    Location
    25 miles northwest of Boston
    My Bikes
    Bottecchia Sprint
    Posts
    12,033
    Mentioned
    5 Post(s)
    Tagged
    0 Thread(s)
    ok thanks, that was my plan
    cycling is like baseball ~ it doesn't take much to make it interesting

  4. #4
    Senior Member
    Join Date
    Apr 2007
    Posts
    3,500
    Mentioned
    2 Post(s)
    Tagged
    0 Thread(s)
    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.

  5. #5
    Senior Member
    Join Date
    Dec 2011
    Location
    Santa Cruz, Ca
    Posts
    398
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Yeah it's not a big deal, turbotax will guide you through it.

  6. #6
    Senior Member Bikey Mikey's Avatar
    Join Date
    Oct 2011
    Location
    Newport News, VA USA
    My Bikes
    Diamondback Edgewood LX; Giant Defy 1
    Posts
    3,210
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    So will H&R Block's software. A friend had to do this and used H&R Block software.

  7. #7
    Senior Member
    Join Date
    Apr 2011
    Location
    Arizona
    My Bikes
    Raleigh Venture 3.0
    Posts
    438
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    I believe you're going to need at least the Premier version of turbo tax for the K-1.
    "Why is it that one careless match can start a forest fire, but it takes a whole box to start a barbecue?" Anonymous

  8. #8
    Senior Member
    Join Date
    Apr 2009
    Posts
    215
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.

  9. #9
    Senior Member
    Join Date
    Oct 2007
    Location
    SoCal
    Posts
    1,143
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.

    Quote Originally Posted by Pete In Az View Post
    I believe you're going to need at least the Premier version of turbo tax for the K-1.

  10. #10
    Senior Member
    Join Date
    Dec 2010
    Location
    Rochester, NY
    My Bikes
    Specialized Crossroads
    Posts
    76
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Get thru the K-1, OK?

  11. #11
    Senior Member rumrunn6's Avatar
    Join Date
    Jul 2008
    Location
    25 miles northwest of Boston
    My Bikes
    Bottecchia Sprint
    Posts
    12,033
    Mentioned
    5 Post(s)
    Tagged
    0 Thread(s)
    filed an extension ...
    cycling is like baseball ~ it doesn't take much to make it interesting

  12. #12
    Senior Member rdtompki's Avatar
    Join Date
    Nov 2008
    Location
    Hollister, CA
    My Bikes
    Volagi, daVinci Joint Venture
    Posts
    3,934
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.
    Rick T
    --------
    Volagi - Triple"ized" and Tubeless
    daVinci Joint Venture

  13. #13
    Senior Member skilsaw's Avatar
    Join Date
    Jul 2010
    Location
    Victoria, Canada
    My Bikes
    Cannondale t1, Koga-Miyata World Traveller
    Posts
    1,546
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.
    The one who has the most bikes wins.

  14. #14
    Senior Member Bikey Mikey's Avatar
    Join Date
    Oct 2011
    Location
    Newport News, VA USA
    My Bikes
    Diamondback Edgewood LX; Giant Defy 1
    Posts
    3,210
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by skilsaw View Post
    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.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •