as a partner in the llc that purchases the properties, you will receive a k-1. a k-1 is a tax form used by partnerships to provide investors with detailed information on their share of a partnership’s taxable income. partnerships are generally not subject to federal or state income tax, but instead issue a k-1 to each investor to report his or her share of the partnership’s income, gains, losses, deductions and credits. the k-1s are provided to investors on an annual basis so that each investor can include k-1 amounts on his or her tax return. our goal is to finalize all k-1s by march 31st, this way investors have them in hand for tax season.