My wife and I divorce in 2017 and still held investments in a limited partnership in both of our names. These were sold in 2019 and we received schedule K-1. How do we enter all this on our taxes? Do we simply split the numbers? Although the forms have both of our names, it's just my SSN. Does that mean that I need to report it all on my taxes, or is there a way to split it somehow?
The proper way to file is for the person who's Tax ID number is listed on the K-1 to file the K-1 on his or her tax return. If you split the numbers, you may have to explain to the IRS why the numbers on the tax return do not match the numbers submitted on the K-1.
The proper way to file is for the person who's Tax ID number is listed on the K-1 to file the K-1 on his or her tax return. If you split the numbers, you may have to explain to the IRS why the numbers on the tax return do not match the numbers submitted on the K-1.
Thank Alan, that makes sense. I'm of the understanding that mortgage interest can be split between both parties so long as they are both still contributing equally to the payment of the mortgage. Do you know if that's correct?