Yes, you will report the first part of the year on your Schedule C, then everything after the starting date of the partnership goes on the 1065. The gifting of the partnership interest is not a loss on your Schedule C (you can't give something away then claim it as a loss on your taxes.) You may want to check if you will need to file gift tax return.
Gift of capital interest. If a family member (or any other person) receives a gift of a capital interest in a partnership in which capital is a material income-producing factor, the donee's distributive share of partnership income is subject to both of the following restrictions.
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It must be figured by reducing the partnership income by reasonable compensation for services the donor renders to the partnership.
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The donee's distributive share of partnership income attributable to donated capital must not be proportionately greater than the donor's distributive share attributable to the donor's capital.
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