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What are tax implications of selling shares of a partnership to my spouse?
I invested $10,000 in a partnership but due to a conflict of interest, I need to withdraw from the partnership. I get a Schedule K-1 yearly from this partnership.
If I sell my shares to my spouse for $1, what are the tax implications? The remaining capital in the partnership is around $5000. Since we file jointly, does the loss and gain cancel one another out?
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‎June 5, 2019
10:35 PM