dissoved partnership

[SmoknJoe]

i had a partnership with my sisters in 2018  

i bought them out but using TT this year its asking for the sceudual K  and i want to tell TT the partnership is no longer ........

this is a rental property 

[tagteam]

Your profile indicates you are using TurboTax Business. If so, you need to indicate there was an ownership change in the Business Info tab under About Your Business (see screenshot).

[Critter-3]

If you are the sole partner left because the partnership was closed in 2018 then on the personal 2018 return the K-1 should have been marked as final so the base form would not transfer to the 2019 return.   SO if you have an unneeded K-1 form on your personal return you can delete it  ...  https://ttlc.intuit.com/questions/2903043-how-do-i-delete-a-k-1

[tagteam]

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@Critter-3 wrote:

If you are the sole partner left because the partnership was closed in 2018 then on the personal 2018 return....

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That is a good observation @SmoknJoe, so you need to provide more details, such as whether you are preparing your personal income tax return or a 1065 (and for which year), which year the partnership was closed, and which TurboTax product you are using.

[Carl]

Your profile indicates you're using TurboTax business. But your question pertains to personal taxes. Therefore, I am assuming that you have file the final 1065 already with the "FINAL" box checked. However, I question that assumption because the partnership should have also issused K-1's to all members including you, and all of those K-1's including yours should have the "FINAL" box checked.

Additionally on the final 1065 it "should" indicate that all assets were transferred to you one way or another. Your share of the rental property would be returned to you as "return of capital" and the shares of the others would have been sold to you, and then removed from the partnership by you as a return of capital also.

Take note that you will "REQUIRE" the IRS Form 4562's (all three of them) from that final partnership return, in order to get your numbers correct when entering the property on SCH E of your personal 1040 tax return. For example, the "in service" date for what used to be "your share" of the rental *WILL* *NOT* *CHANGE*. 

So you'll have the property itself listed twice in the Assets/depreciation section. One entry for the percentage you already owned prior to dissolving the partnership, and another entry for for percentage you purchased from the now-defunct partners.

[Rick19744]

As noted by @tagteam there are too many unknown facts at this point.

Having said that, guidance for how your transaction(s) are handled is provided, albeit at a high level, in Revenue Ruling 99-6.  Your facts are situation 1.

https://www.irs.gov/pub/irs-drop/rr-99-6.pdf

These transactions can become complicated very quickly, so you may want to get some professional help.