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lbones
lbones
Level 6
February 13, 2025
Question

Partnership Final Return

  • February 13, 2025
  • 1 reply
  • 6 views

I have a client that got involved in a Partnership.  After two years they have decided that it has run its course and decided to end their agreement.  The Partnership has not filed dissolution with NYS as yet but for all intents and purposes it has closed down.  Can I file a final return for 2024 or should I wait for dissolution and file the final in 2025?

I need to recapture some depreciation and deal with some minor income to close them out.

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1 reply

taxiowa
taxiowa
Level 8
February 13, 2025

If you are sure n more activity, then file as final in 2024.  They are done with business and closed.  IRS does not check with secretary of states to see if dissolved.  But you cannot reopen it so make sure no more activity.

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