I am new at tax handling for the club.
What forms do I send to the Federal IRS. I suspect we would
file more than just the 1065?
Are there any attachements that should go along?
Steve Hannemann

Steve A. Hannemann wrote:
> What forms do I send to the Federal IRS.
 
The partnership should file the 1065, a K-1 for each member, a
Schedule D if you sold any investments, and an attachment for any
field which requires it on the 1065. For example, the 1065 Schedule K
Line 10 requires an attachment which describes the club's deductible
expenses.
 
Members should be given a copy of their K-1 which they can use when
preparing their individual tax return. A member does not file the K-1
with their individual return.
 
The forms required for a state return vary by state. You should check
the instructions on your state return for more information.
 
Paul Moeller
bivio Inc.

Do investment clubs need to file with the State of
California???

-Jay
LaMigra

Jay Visconti wrote:
> Do investment clubs need to file with the State of
> California???
 
California partnerships need to file with the State of California. You
can download the tax forms here:
  
http://www.ftb.ca.gov/forms/index.html
 
Paul Moeller
bivio Inc.