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Client received a 1099-S for gross proceeds but had 1/2 partner. How do I reflect this sale on tax return? Sales price will agree to 1099 but I need to make adjustment.

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Level 3
 
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Level 15

The same way that he would have if he had a whole partner instead of half.  Add the partners share of the proceeds to his basis.  But make sure the partner is reporting his 1/2 of the gain.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Level 15

The same way that he would have if he had a whole partner instead of half.  Add the partners share of the proceeds to his basis.  But make sure the partner is reporting his 1/2 of the gain.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Level 3
Thanks much! I had thought of that but appreciate the second opinion!
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Level 15
You betcha!
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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