the wisest thing to do is to file an extension and pay the tax due rather than amending it every year or sell the partnership. your choice. when paying the taxes due in mid-April you must take into account any income you expect from the partnership. underpaying an extension amount can result in penalties. if it's going to be a loss you can ignore it. you may not be subject to a late payment penalty if you filed a tax extension on time (by the original deadline of your return) and paid at least 90% of your tax liability with your extension. The late payment penalty is 0.5% of the unpaid taxes, assessed on a monthly basis, up to a maximum of 25%.
