Hi I have been in a family partnership for my grandmothers "farm *non working* (its a centennial property basically the house/land that my grandmother grew up) on amongst us grandkids. we don't make money off of it we do't put money into it - anyway.
I used to get my taxes done for me but started doing them on turbo tax. Well I guess I filed all previous K1's incorrectly bc I stumbled across a direct ref to the "1065" couldn't find specified while doing my individual turbo tax return- but filled out the k-1 with the info there, never deducting state property tax ( bc I don't live in the same state as the property).
In addition the partnership has ALWAYS elect out of the BBA audit regime
I am in the middle of frantically filing my 2024 extension-
with the intention of amending if needed - but just get it in and also saw that this had an earlier filing date .
I'm not trying to misleading the irs I am trying to report everything on time-
but I don't believe I will have time to set up a business account etc to file and frankly do not want to pay $275
the K1 is summarized on this page 5-
there's only like 5 transactions-
(not for me it says property tax on notes box 13 ZZ and I don't reside in the same state)
Nondeductable Expenses -173
& in the event you're wondering I have toddler, I am not married, I get income from some investment stock that I cashed out so I have capital gains
I do need to file
the baby to toddler has prevented me from being actively employed and doing EVERYTHING on time ...