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Do I need to file a Section 751 Statement for each PTP disposed of? How do I attach this for e-filing?
I have one of the PTP that changed structure from partnership to corporation and includes instruction to file a Section 751 statement and provides wording for the statement. How do I attach this to my tax file? Do I need to do this for every PTP when I dispose of shares?
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Do I need to file a Section 751 Statement for each PTP disposed of? How do I attach this for e-filing?
The only method in TT to do this is to go to "Forms" mode and open the "Blank" form. This gives you a page that you can print out with your return where you can add anything you want (e.g., 751 statements). Unfortunately though, this form won't be part of anything you efile. You have to print and mail the return in.
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Do I need to file a Section 751 Statement for each PTP disposed of? How do I attach this for e-filing?
The only method in TT to do this is to go to "Forms" mode and open the "Blank" form. This gives you a page that you can print out with your return where you can add anything you want (e.g., 751 statements). Unfortunately though, this form won't be part of anything you efile. You have to print and mail the return in.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Do I need to file a Section 751 Statement for each PTP disposed of? How do I attach this for e-filing?
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Do I need to file a Section 751 Statement for each PTP disposed of? How do I attach this for e-filing?
As to each PTP, generally you'll need to include a statement for each PTP where you sold shares. And you may need a Sec 754 statement for each PTP where you bought shares. Look closely at the verbiage in the K-1 instructions to see what each PTP requires, since the need to include a statement is governed by their accounting decisions. If you do need multiple statements, you can combine them (something like "The taxpayer has reported ordinary income upon the disposition of units in the Partnerships below ...." Include all the required boilerplate text, but then provide a list of the partnerships).
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