Key Takeaways: Inside basis: Partnership’s basis in its assets Outside basis: Partner’s basis in their partnership interest Outside basis determines deductible losses and tax-free distributions Basis can never
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Schedule K-1 (Form 1065) Guide 2026: Understanding Your Partnership Tax Document
Key Takeaways: Schedule K-1 reports each partner’s share of partnership income, deductions, and credits Partners receive K-1 by the Form 1065 due date (March 17, 2026 for calendar-year
Form 1065 Instructions 2026: Complete Partnership Tax Filing Guide
Key Takeaways: Form 1065 is due March 17, 2026 for calendar-year partnerships (March 15 falls on Sunday) Partnerships with 10+ returns must file electronically Late filing penalty: $260 per partner, per
Multi-State Partnership Filing: Your Complete State-by-State Guide for 2026
Key Takeaways: Multi-state nexus triggers include physical presence, economic activity ($100K-$500K sales), and partner residence Each state has unique filing requirements – California imposes an $800 minimum tax; Texas charges franchise tax
How Partnership Distributions Actually Work (With Examples)
Last year, a real estate partnership we advised made what seemed like a routine $147,000 cash distribution to a retiring partner. Three months later, that partner received an