IRS Seeks Comments on Partnership Debt Info for Tax Returns
Published Date: 3/5/2025
Notice
Summary
The IRS wants your thoughts on rules about partnerships telling partners when they take on certain debts. If you’re a business partner, you’ll need to include this info with your tax return when claiming losses. No big changes or new costs, but comments are due by May 5, 2025, so don’t miss out!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Partnerships must notify partners about assumed debts
If you are a partner in a partnership and you claim a loss, the partnership must notify you when it satisfies certain liabilities and give you specific information about that assumption. You must attach that notification to your tax return for the year in which you claim the loss. The IRS estimates 250 responses, about 30 minutes per respondent, and 125 total annual burden hours.
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