I sold units in a partnership. I expect a K-1 some time in July. Should I file now and file an amended return later?

[cblinkov]

This partnership never made any cash distributions, generated some losses and I'm selling it for a lot less than the original value.

[RobertB4444]

The K-1 will have any activity up to the sale.  If there is significant activity then you should wait to file your return until you receive the K1.

The sale of the partnership shares should be entered into the return as a sale of stock.  The sale will not be reflected on the K-1.

@cblinkov 

[cblinkov]

What do you mean by "significant" activity?

I typically file for an extension because of this exact K-1 delay issue. Is filing a return now and then filing an amended return later instead of filing for an extension a bad idea? I would prefer to file early (for an unrelated reason).

[PatriciaV]

Significant activity would typically result in sufficient tax liability to trigger underpayment penalties. However, if you believe you have paid (or will pay before the April filing deadline) most of the tax that will be due on your final/amended return, then you may decide to file your return by the normal deadline.

There is no penalty for filing an amended return. The only downside comes if your adjusted taxable income on the amended return creates additional tax that is subject to underpayment penalties and interest.