HOW DO I TRANSFER A PARTNERSHIP INTEREST

Forum|Forum|2 months ago
April 13, 2026
2 replies
12 views

i HAVE COMPLETED THE FORMS 8308 BUT NOT WORKING

ProSeries Professional

dascpa

Level 11

Are you talking about the reporting or within ProSeries how to handle the K-1's?

T

Theresa59Author

Level 2

Within ProSeries. The only thing that anyone at ProSeries could tell me was to use form 8308. One partner transferred her interest to 3 other partners. It was suppose to happen at the end of the year but I never could figure out how to make that happen, so the transferor partner did not get any allocation of operations for 2025. If you could tell me how to make that happen in the software that would be great.

thanks so much

dascpa

Level 11

Did they sell their share or did they assign ownership (gifting)?

If I sold my share to you this has nothing to do with the entity. It's betwen you and me. I may have capital gain or loss. You will have outside basis different than inside basis.

There are times in which a revaluation of the entity is required.

If the above is what happened then within ProSeries you need to end my ownership and add in the new owners. You do this via the K-1 Worksheet and the Addl K-1 Info worksheet. Then did you do accounting yo date of sale or are you going to use Weighted Average method. This is done on the Addl K-1 Info worksheet

sjrcpa

Level 15

8308 is for when a partnership interest is sold and there are hot assets.

Don't think it will reallocate anything between partners in the software.

But it may be needed.

The more I know the more I don’t know.

T

Theresa59Author

Level 2

No she didn't sell it. She wanted out of the partnership. Just trying to transfer it to 3 other partners.

Thank you!

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