Are you a real estate investor who's puzzled by the K-1 form? In this episode, we've got you covered! Our guest, Kelsey Head, a tax expert with nearly two decades of experience, breaks down everything you need to know about the K-1 form and how to make the most of it.

Kelsey emphasizes the importance of verifying personal information on the K-1 as soon as it's received. She points out that checking the basics like name, entity, social security number, address, and EIN can save a lot of time and hassle down the line. She also highlights the significance of ensuring that contributions and distributions are accurately reflected on the form.

We discuss the common confusion that arises during the sale year when LPs see a large amount of income reported on their K-1s. Kelsey clarifies that receiving cash from a sale does result in income because it's tied to the gain from the property sale.

Another concern for investors is the timing of filing their tax returns, especially if they're waiting on their K-1s. Kelsey reassures  listeners that filing a few weeks after the April 15th deadline is not an issue from an IRS standpoint and that there's no correlation between late filing and increased audit risk.

For those seeking further tax advice or who have questions about their K-1s, Kelsey is available via email at [email protected], although she did mention that response times might be slower during the busy tax season. Take advantage of her expertise and ensure you have all the information you need for your real estate investments.


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