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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.

JOEPCPA
Level 3
 
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IRonMaN
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.


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3 Comments 3
IRonMaN
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.


Slava Ukraini!
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JOEPCPA
Level 3
Thanks much! I had thought of that but appreciate the second opinion!
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IRonMaN
Level 15
You betcha!

Slava Ukraini!
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