February 2021 - Schedule K-1 & Tax Notice

Hello TREF Members.
 
It’s tax season again, and we’d like to communicate information regarding IRS Schedule K-1s.
 
What is the IRS Schedule K-1? When should I expect to receive it?
The Schedule K-1 (Form 1065) is an Internal Revenue Service (IRS) tax form issued annually by businesses that operate as a partnership to its Members. March 15 is the deadline for us to wither issue the K-1s or file for an extension.  TREF plans to file for a 6-month extension to issue the Schedule K-1s.
 
The 6-month extension moves the deadline for K-1 issuance to September 15, 2021. Please reference the tax calendar below for additional dates and information.
 
Notwithstanding the extension, we will issue the K-1s as soon as they are prepared, which we expect to be in advance of the September 15 extension deadline.
 
Can I still file my taxes by April 15^th if I don’t have my Schedule K-1 from TREF? If so, what is the impact?
Disclaimer: This is not tax advice. Everyone’s situation is different. Please consult with a tax expert before making any decisions.
 
We have TREF Members that have filed their returns prior to receiving their K-1s. Please note, that TREF  anticipates a passive loss to be issued to TREF Members for the tax year 2020. As such, if there is a loss and the Member does not include in its tax filing the K-1 reported loss, the Member will either be tax neutral or be entitled to a refund if they have passive income to offset the passive losses. The Member can carry the passive loss forward for future tax filings. Again, this is not tax advice. Everyone’s situation is different. Please consult with a tax expert before making any decisions.
 
Tulsa Real Estate Fund does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors.

Tax Disclaimer:
The information contained herein is general in nature and not intended as tax advice. We guarantee neither the accuracy nor completeness of any information and we're not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. Tulsa Real Estate Fund, LLC. assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisers concerning the application of tax laws to their particular situations.