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Relieving Partner's Share of Partnership liabilities

  • 1.  Relieving Partner's Share of Partnership liabilities

    Platinum Most Valuable Member
    Posted 09-17-2019 14:37
    I am not sure how to handle a disposition of a partnership interest on a partner's 1040.  I need help.

    his ending share of Liabilities as shown on his K-1 is:
    Qualified Nonrecourse Financing          310,000
    Recourse                                                 50,000

     Does this mean that i am to charge him personally as if he received this amount ( $360,000 ) on his disposing of the partnership interest ?
    i can think of many ways to spin this, but i need someone to talk me down from the ledge.


    Abby

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    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
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