Hello
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
Peter Dunkelberger on
Well, if you SELL any stocks, there would be a tax event, and, of course, dividends., I would presume that you not only buy but your club sells stocks also.
You should check your 1099 from your broker. That would also tell you if you had any taxable income. Even if you did not have taxable income, it would be wise to file a tax return.
Hello
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
Steve Foster on
Robin, If your club is a General Partnership, then all the interest, dividends, and capital gains will be passed thru to all the partners based on their ownership percentage. The General Partnership will not pay taxes directly. If your club is an LLC, I don't know, but I'm sure bivio or some other LLC owner will get back to you.
Steve Foster
Circle of Friends
On Monday, March 4, 2024 at 12:52:04 PM PST, Robin Travis-malbrough via bivio.com <user*38558700001@bivio.com> wrote:
Hello
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
John Rice on
You need to run the tax program in Bivio and then give access to the K-1 for everyone in the club. Even if you don't sell any stocks there are other things that should or could be a tax.benefit to club members. Interest, dividend, fees such as the Bivio subscription will.be in there.
Robin, If your club is a General Partnership, then all the interest, dividends, and capital gains will be passed thru to all the partners based on their ownership percentage. The General Partnership will not pay taxes directly. If your club is an LLC, I don't know, but I'm sure bivio or some other LLC owner will get back to you.
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
Peter Dunkelberger on
If you are a partnership, the club does not normally pay taxes but you need to file a return which contains forms which indicate how much income is passed to your partners. Even if your club had no income to pass on to the partners, your club should file a return and give K-1's to your partners that shows the value of each partner's share of the partnership.
When you write that your club only buys stocks, your club would normally received some dividends, which would be taxable income to pass on to the partners, and I would think at some point in the future your club would sell stocks, which which would be a tax event that would be reportable by the partnership and the partners.
Do you know under what legal structure your club is organized?
If you are a partnership, the club does not normally pay taxes but you need to file a return which contains forms which indicate how much income is passed to your partners. Even if your club had no income to pass on to the partners, your club should file a return and give K-1's to your partners that shows the value of each partner's share of the partnership.
When you write that your club only buys stocks, your club would normally received some dividends, which would be taxable income to pass on to the partners, and I would think at some point in the future your club would sell stocks, which which would be a tax event that would be reportable by the partnership and the partners.
Do you know under what legal structure your club is organized?
Hello
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
Robin Travis-malbrough on
We are a GP.
I have been providing k1's to all members and filing taxes as required using the Bivio system.
On Mar 4, 2024, at 1:50 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
If you are a partnership, the club does not normally pay taxes but you need to file a return which contains forms which indicate how much income is passed to your partners. Even if your club had no income to pass on to the partners, your club should file a return and give K-1's to your partners that shows the value of each partner's share of the partnership.
When you write that your club only buys stocks, your club would normally received some dividends, which would be taxable income to pass on to the partners, and I would think at some point in the future your club would sell stocks, which which would be a tax event that would be reportable by the partnership and the partners.
Do you know under what legal structure your club is organized?
Hello
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
Peter Dunkelberger on
Then perhaps I don't understand your question. A GP rarely pays taxes--it is regarded as a "pass-through" organization and files only an information return, I don't know taxes well enough to know when a partnership, which opted out of the IRS centralized audit regime, might pay any taxes. Why would you have a concern?
If you are a partnership, the club does not normally pay taxes but you need to file a return which contains forms which indicate how much income is passed to your partners. Even if your club had no income to pass on to the partners, your club should file a return and give K-1's to your partners that shows the value of each partner's share of the partnership.
When you write that your club only buys stocks, your club would normally received some dividends, which would be taxable income to pass on to the partners, and I would think at some point in the future your club would sell stocks, which which would be a tax event that would be reportable by the partnership and the partners.
Do you know under what legal structure your club is organized?
Hello
A silly question...we are a fairly new club and I'd like to know where would it indicate if we owed taxes? We only buy stocks.
Robin Travis-malbrough on
I think I was overthinking this with some crossover of personal taxes. Thank you for responding.
On Mar 4, 2024, at 2:55 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Then perhaps I don't understand your question. A GP rarely pays taxes--it is regarded as a "pass-through" organization and files only an information return, I don't know taxes well enough to know when a partnership, which opted out of the IRS centralized audit regime, might pay any taxes. Why would you have a concern?
If you are a partnership, the club does not normally pay taxes but you need to file a return which contains forms which indicate how much income is passed to your partners. Even if your club had no income to pass on to the partners, your club should file a return and give K-1's to your partners that shows the value of each partner's share of the partnership.
When you write that your club only buys stocks, your club would normally received some dividends, which would be taxable income to pass on to the partners, and I would think at some point in the future your club would sell stocks, which which would be a tax event that would be reportable by the partnership and the partners.
Do you know under what legal structure your club is organized?