Episode 20: Understanding Your K-1 Part 2 – What To Do After You Receive It

Welcome to Building Passive Income with CREI Collin and Tax Pro Tina You received your K-1. Now what? In this episode, CREI Collin and Tax Pro Tina walk you through your post-K-1 action plan: when to expect K-1s, how to review them for accuracy, how to organize multiple K-1s, when to send them to your CPA, how to handle amended or late K-1s, and how to track your passive loss carryforwards. This is the follow-up to Episode 12—and it's essential listening for every passive investor. What You'll Learn: When to expect your K-1s (typical timeline and potential delays) What to do when you receive your first K-1 (5-step review checklist) How to organize multiple K-1s (digital folders + tracking spreadsheet) When and how to send K-1s to your CPA (best practices) How to handle amended K-1s and late K-1s (extensions and Form 1040-X) How to track your passive loss carryforwards year over year Why your passive loss carryforward is your "tax shield" (and how to use it strategically) Common K-1 mistakes and how to avoid them Important Timestamps: [0:00] Introduction: You got your K-1—now what? [1:00] Tina Returns: Why this episode is essential [2:00] Q1: When should investors expect to receive their K-1s? [3:30] A1: K-1 timeline and what causes delays [5:00] Q2: What should I do when I receive my first K-1? [6:00] A2: K-1 review checklist (5 steps) [8:30] Q3: How do I organize multiple K-1s? [9:30] A3: Digital folder system + tracking spreadsheet [11:30] Q4: When should I send my K-1s to my CPA? [12:30] A4: Best practices for working with your CPA [14:30] Q5: What if I receive an amended or late K-1? [15:30] A5: How to handle amended/late K-1s and extensions [18:00] Q6: How do I track my passive loss carryforwards? [19:00] A6: Tracking your "tax shield" with a simple spreadsheet [21:30] Recap and Action Steps Key Takeaways: ✅ Expect K-1s by mid-March (some sponsors file extensions until September 15th) ✅ Review each K-1 for accuracy: verify personal info, compare to prior year, look for red flags ✅ Organize multiple K-1s with digital folders and a tracking spreadsheet ✅ Wait until you have ALL K-1s before sending to your CPA (send by mid-March if possible) ✅ Amended/late K-1s happen—contact your CPA immediately and file extension if needed ✅ Track your passive loss carryforwards annually—this is your "tax shield" ✅ Update your tracking spreadsheet every year and review with your CPA Resources Mentioned: Free Passive Investor Coaching Program: passiveinvestorcoaching.com CREI Partners: CREIPartners.com Email: [email protected] Disclaimer: This podcast is for educational purposes only and does not constitute tax, legal, or investment advice. Always consult with your CPA, attorney, and financial advisor before making any tax or investment decisions. #PassiveIncome #RealEstateInvesting #K1 #TaxStrategy #PassiveLosses #WealthBuilding #FinancialFreedom #PassiveInvestor #CommercialRealEstate #TaxPlanning #CPAAdvice Ready to Build Your Tax-Efficient Passive Income Strategy? Let's discuss how to organize your K-1s and maximize your tax benefits. Schedule your free 30-minute consultation: Let's Talk