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50/50 ownership of vacation rental was sold. 100% of proceeds issued to one of the partners and 1099-s went to just one partner. is there a way to show the trail of 100% proceeds being allocated down to 50%?
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If they owned it 50/50 why did one person get all the money?
Ex-AllStar
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DO you mean that one owner got all the money? OR, do you mean the F 1099-S wasn't split between the two owners?
( Generic Comment )"
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Each owner's entitlement for the proceeds is determined generally based on their interest in the venture. If they're 50/50 owner, the proceeds would generally be split 50/50.
Under the assignment of income doctrine, a taxpayer cannot avoid income tax by assigning the right to that income to someone else. He/she would still be taxable on that income; amount(s) assigned to the other party without considerations may constitute a gift.
Still an AllStar
