Do I have to claim k-1 on my personal income tax if i haven’t received distribution of monies.

mjdollar64 · ‎June 6, 2019

Why do I have to claim income fo k-1 when my sister has moms property for partial distribution I have no monies

MinhT · ‎June 6, 2019

Yes, you have report the income listed on your form K-1 on your personal tax return. Form K-1 reports your share of profits or losses in the partnership, LLC or S-corp.

If your share on the form K-1 is a profit, you have to pay taxes on it even if the profits have not yet been distributed.

On the other hand, when the profits are distributed, you do not pay taxes as they were already taxed.

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Do I have to claim k-1 on my personal income tax if i haven’t received distribution of monies.