my husband and I got a small business loan in a Real Estate Holdings llc name. We lease the business Mikes Tavern from MSG Real Estate Holdings llc. The business closed in 2016. My spouse passed away in 2017. I pay the loan out of my personal income and we still own the property. Do I still need to file a partnership (K-1) for 2017 and going forward. I still have 15 years to go on the loan. Thank You for your help.
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When the business closed in 2016, that 2016 return should have been the final return filed for the business.
Look to see if that return is marked "Final" and if not, you may want to Amend it, with the only change being, "Final" return.
Sorry for your loss, also in 2017 when the partnership became one person, it is no longer a partnership, as must have two or more people as members.
The loan is considered now a personal debt.
When the business closed in 2016, that 2016 return should have been the final return filed for the business.
Look to see if that return is marked "Final" and if not, you may want to Amend it, with the only change being, "Final" return.
Sorry for your loss, also in 2017 when the partnership became one person, it is no longer a partnership, as must have two or more people as members.
The loan is considered now a personal debt.
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