WS1907 What You Need to Look Out For on Your K-1 Tax Form in 2024 | Kelsey Head

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.Don't forget to like, subscribe, and share the Real Estate Syndication Show with friends who could benefit from insights on real estate investing and tax matters.After interviewing thousands of entrepreneurs, one truth is clear: business success means little if it costs your marriage, family, or faith.I'm now hosting the Courageous Men podcast for men who want to lead well at home and at work. I'm looking for five men to walk closely with who want to lead well at home and work.  Email me at [email protected] and tell me why you should be one of the five. whitneysewell.com  VISIT OUR WEBSITEhttps://lifebridgecapital.com/Here are ways you can work with us here at Life Bridge Capital:⚡️START INVESTING TODAY: If you think that real estate syndication may be right for you, contact us today to learn more about our current investment opportunities: https://lifebridgecapital.com/investwithlbc⚡️Watch on YouTube: https://www.youtube.com/@TheRealEstateSyndicationShow📝 JOIN THE DISCUSSIONhttps://www.facebook.com/groups/realestatesyndication➡️ FOLLOW UShttps://twitter.com/whitney_sewell https://www.instagram.com/whitneysewell/ https://www.linkedin.com/in/whitney-sewell/ ⭐ Be Our Guest!We are continuously working hard to help our listeners with their journey to real estate syndication. If you think you can add value in any way to our listeners who are in commercial real estate, then we’d love to have you over. Apply here: https://lifebridgecapital.com/join-our-podcast/