DeQuiros
Level 1
03-27-2024
06:23 PM
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client purchased a home with a partner to flip. The purchase was reported on 1065 along with the costs of renovations and subsequent sale. K-1's were issued to each partner. One partner reached out after the fact to say he received a 1099S with his social security number.
How does he report to the IRS that the proceeds were already reported on 1065 and his share is on the K-1?
Thanks.