topic I and my wife bought 49% of my partner share in LLC partnership. Now we own 100% if the LLC, each 50%. in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/i-and-my-wife-bought-49-of-my-partner-share-in-llc-partnership-now-we-own-100-if-the-llc-each-50/01/665950#M26450 <P>I and my wife bought 49% of my partner share in LLC partnership. Now we own 100% of the LLC, each 50%.</P><P>Do we need to file final tax return on 1065, with final K1 to each partner?<BR /></P> Thu, 06 Jun 2019 09:58:56 GMT shimon 2019-06-06T09:58:56Z I and my wife bought 49% of my partner share in LLC partnership. Now we own 100% if the LLC, each 50%. https://ttlc.intuit.com/community/business-taxes/discussion/i-and-my-wife-bought-49-of-my-partner-share-in-llc-partnership-now-we-own-100-if-the-llc-each-50/01/665950#M26450 <P>I and my wife bought 49% of my partner share in LLC partnership. Now we own 100% of the LLC, each 50%.</P><P>Do we need to file final tax return on 1065, with final K1 to each partner?<BR /></P> Thu, 06 Jun 2019 09:58:56 GMT https://ttlc.intuit.com/community/business-taxes/discussion/i-and-my-wife-bought-49-of-my-partner-share-in-llc-partnership-now-we-own-100-if-the-llc-each-50/01/665950#M26450 shimon 2019-06-06T09:58:56Z How can I use turbo tax to show on my friend final K1 tha... https://ttlc.intuit.com/community/business-taxes/discussion/how-can-i-use-turbo-tax-to-show-on-my-friend-final-k1-tha/01/665954#M26452 How can I use turbo tax to show on my friend final K1 that his ending capital account is reduced to 0? Also how to show on my K1 that my capital account increased by the purchase price? Thu, 06 Jun 2019 09:58:58 GMT https://ttlc.intuit.com/community/business-taxes/discussion/how-can-i-use-turbo-tax-to-show-on-my-friend-final-k1-tha/01/665954#M26452 shimon 2019-06-06T09:58:58Z A final return in this situation is only necessary if you... https://ttlc.intuit.com/community/business-taxes/discussion/a-final-return-in-this-situation-is-only-necessary-if-you/01/665968#M26456 <P>A final return in this situation is only necessary if you are winding up the partnership. &nbsp;The sale of a 49% interest in the partnership is not a "technical termination" of the partnership. &nbsp;The LLC still has two owners, and unless you and your spouse live in a community property state, the LLC still exists as a partnership. &nbsp;</P> Thu, 06 Jun 2019 09:58:59 GMT https://ttlc.intuit.com/community/business-taxes/discussion/a-final-return-in-this-situation-is-only-necessary-if-you/01/665968#M26456 RichardG 2019-06-06T09:58:59Z How can I use turbo tax to show on my friend final K1 tha... https://ttlc.intuit.com/community/business-taxes/discussion/how-can-i-use-turbo-tax-to-show-on-my-friend-final-k1-tha/01/665975#M26457 How can I use turbo tax to show on my friend final K1 that his ending capital account is reduced to 0? Also how to show on my K1 that my capital account increased by the purchase price? Thu, 06 Jun 2019 09:59:02 GMT https://ttlc.intuit.com/community/business-taxes/discussion/how-can-i-use-turbo-tax-to-show-on-my-friend-final-k1-tha/01/665975#M26457 shimon 2019-06-06T09:59:02Z