I share a partnership business with a friend. How do we file the taxes? Can we do this on personal returns?

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I share a partnership business with a friend. How do we file the taxes? Can we do this on personal returns?

2007-04-16 15:10:59 · 1 answers · asked by ncwyldewytch 1 in Business & Finance ➔ Taxes ➔ United States

1 answers

You need to file a Partnership return (Form 1065).

This return will produce K1s for each owner. The info on the K1s flows through to your personal returns.

Little late to be thinking of this isn't it?

2007-04-16 15:14:48 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋