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Level 3
March 21, 2023
Question

Crypto Partnership K-1 not available. To file or not to file?

  • March 21, 2023
  • 1 reply
  • 9 views

That is the question.   Client is invested in a partnership, Ikigai, who uses FTX as their trading platform.and had cash invested with FTX.   Since the FTX collapse it is unknown when, or if ever, the client will receive a K-1 from the partnership.   Would you go ahead and file the 2022 tax return and do an amended return whenever or file for an extension?    I really don't see any pros or cons to either choice?

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1 reply

PATAX
Level 12
March 21, 2023

If it was me I think I would file an extension. Then see what happens after that.

IRonMaN
Level 15
March 21, 2023

Yeah, I would do the extension to allow a little more time to see what shakes out.  But then again, If he only had like 12 bucks invested in it, I would just file the return.

Slava Ukraini!