topic Schedule K-1 (Form 1065) in Investors & landlords

Schedule K-1 (Form 1065)

WeimarJr — Thu, 01 Apr 2021 20:57:19 GMT

I am 86 years old. I sold an investment in a Schedule K-1 (Form 1065) at a small, long term gain. This investment was in an IRA. Is this gain exempt from taxes because it was part of an IRA?

Re: Schedule K-1 (Form 1065)

BillM223 — Fri, 02 Apr 2021 20:24:40 GMT

Yes, transactions that occur inside the shelter of an IRA are not reportable on your 1040 tax return.

Re: Schedule K-1 (Form 1065)

freeturbo1633 — Sat, 03 Apr 2021 09:33:04 GMT

If it was in a Roth IRA, you paid taxes on the money before you put it in the Roth,, so the whole amount can be taken out tax free but it is reported on a different line so as not to be taxable income. Different rules apply to other IRA's which saved you money on income you have not paid tax on. You have to check the rules for those type of withdrawals.

Re: Schedule K-1 (Form 1065)

kc55 — Sat, 15 May 2021 17:33:31 GMT

I have a similar situation. I was told that I would need to file a tax return for my self-directed IRA because I received a Schedule K-1. Is this correct? If so, how do I go about filing a tax return for my IRA? I sold it in 2021 when I received the K-1.