I have a K-1 with no income or loss from a LP (limited partnership); do I need to report it on my tax return?

[ChelsiE2 · Accepted solution]

If the Schedule K-1 you received is blank or has zeros in all boxes, then you do not need to report it to the IRS.

[d44d44]

Thanks much!!

[garyandrewscpa]

What if the K-1 shows no income or loss, but has numbers in the capital account analysis and the partners share of profit , loss and capital and share of liabilities?

[bstrand2k]

I am divorcing my husband.  He and I own 25% of some income properties.  When we divorce I will keep 100% ownership but only get 20% of the income in order to make our incomes even.  Will I have to pay taxes on the ownership percentage or the income percentage?

[Critter]

Only the income percentage.

[jpniles]

I have not received any K-1 form 

[RobertG]

S-corporations and other pass-through entities are required to issue their Schedules K-1 by March 15, the deadline for Forms 1120S and 1065, or by the extended deadline, which is September 15.

If you have not received your K-1 by March 15, you should contact the company that issues it.

@jpniles