Hi Patricia,
This is really helpful, thank you.
1. If we did pay him for the buyout out of the business, what now?
2. He did no work for the year 2022, can I just put his percentages at 0% on the profit loss allocations (beginning and end)?
3. My husband is not listed as a partner on the taxes. Should I add him as a partner on the taxes? He is a partner on the partnership agreement. We are the only two remaining partners.
4. The remaining partners need to adjust their "outside" basis. I'm assuming we do that on our personal taxes?
Thanks,
Sarah Frey
