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Best Answer Click here
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Have they been filing a 1065 partnership return, or did they both just put rental on their 1040 schedule E
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1040 Sch E
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did they both have schedule E or was it put on one schedule E for one client
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both
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Then you just put 1/2 sale price on each of your clients schedule E asset entry worksheet
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Were separate 1099-S forms issued to the two parties? If the sale was reported to just one of them, you should anticipate and try to avoid problems with IRS matching.
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itonewbie, maybe you or Ironman can use your mind reading skills
As you can see original poster is hard to get info from. Reading between lines, I doubt his clients received any professional advice about their venture. I'm thinking that one of them received a 1099 S, so what would be the best way to report to IRS. I'm thanking a letter with clients return that had the 1099 S explaining he is reporting half, and his nephew is reporting the other half. Hope you two guys will jump in 🙂
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Thank you for your help. They received 1099-s with SS # spot blank and both of their name was written on it. attaching statement will help. I will report half on both.
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Glad to help 🙂