Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
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.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

View solution in original post

0 Cheers
3 Replies 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.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

View solution in original post

0 Cheers
JOEPCPA
Level 3
Thanks much! I had thought of that but appreciate the second opinion!
0 Cheers
IRonMaN
Level 15
You betcha!
ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
0 Cheers