topic Re: Form 1065 in Get your taxes done using TurboTax

Form 1065

kchdefense — Fri, 15 Jan 2021 20:53:31 GMT

Can I file more than one 1065? The membership changed and before the change there was a net loss, after the change was a net profit. How do I recognize the loss/profit properly?

Re: Form 1065

Critter-3 — Fri, 15 Jan 2021 20:57:34 GMT

SEEK professional assistance to file a partnership return where the membership changed during the year ... the DIY program is not a wise choice in this situation and will not do the work or be helpful if you don't know what you are doing and neither will tech support. Now if the number of partners went down to 1 after the change then you need to file a final 1065 for the closed partnership ... again seek professional help.

Re: Form 1065

kchdefense — Fri, 15 Jan 2021 21:19:47 GMT

Thanks for the advice. That is the way I have been leaning.