1065 LLC Rental. Partner bought out.

Two 50/50 Partners in a Fla LLC (have been filing 1065’s since 2005). The entire LLC is one residential rental apparently contributed by one of the partners (80 yrs old with basis). The 80 year old partner apparently sold his share of the pship effective 12/31/2020 to the 2nd partner for $180k (2nd partner obtained a mortgage using the property in order to provide the funds). The 2020 1065 was filed with 50/50 k-1’s (form 8825) and not identified as a final return. Should the partnership filing report anything at all in 2021 given the property is owned now by one individual? ty

Dunno the answer but my first reaction is, what partnership?

yeah, the partnership that's apparently now owned by a single member, 2021 sched e filer........
can a 2020 1065 amendment be filed to record 'Final' ? (an amendment only to designate 2020 as the final year to incl K-1 as finals, too)

the partnership that's apparently now owned by a single member, is not a partnership.

As to amending 2020, I guess you can but you don't have to.

The sale "effective 12/31/2020" makes me wonder whether there was in fact a partnership until some closing date in 2021. There's probably an answer to that, but not one I have at the tip of my tongue.

As it turns out the "2nd Partner" personally paid the older partner $180K Feb 21,2021 in exchange for his half of the rental. At that point the 2nd partner owned the entire rental. The older partner had basis of approx $110k at the time of this transaction. Does this transaction ($180k) get reported within the LLC/Partnership (k-1) as part of the final filing? ty

No, not a partnership transaction - only reported on the selling partner’s return

No, not a partnership transaction - only reported on the selling partner’s return

ok, so in this case, the entire partnership is effectively one residential rental (bank account bal is less than $100)... if there's no partnership transaction recorded, the final 1065 filing amounts to practically nothing? iow no K-1 entries at all? other than checking the Final Box and 8825 results? ty

That’s about it!