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gwenbruno-hotmai
Returning Member

I need to amend my 2021 return to change the sale of a partnership to a complete sale instead of partial. How does change get picked up on my 2023 return?(no k-1 in 2023)

 
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DianeW777
Expert Alumni

I need to amend my 2021 return to change the sale of a partnership to a complete sale instead of partial. How does change get picked up on my 2023 return?(no k-1 in 2023)

It depends.  There should be no impact on your 2023 tax return if you amend your 2021 to do a complete sale versus a partial sale.  You may need to provide additional details but it seems clear.

 

Amend your 2021 tax return, including the 1065 if applicable, then your sale should all be handled on that return. If you simply sold your share of the partnership, then you would treat it like any other investment sale unless you were a general partner.  The latter would definitely take place on the partnership return and possibly Schedule D on your tax return.  Income from the K-1 and then a sale of investment on Schedule D.

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