anita1
Level 3
08-09-2022
09:04 AM
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I have a partnership that has 2 partners. They have taken the rental property out of the partnership as a distribution. How do I remove the rental property without creating a sale in Proseries professional? Do I create the the sale and zero out the gain or loss? Has anyone done this?
Partnership property distribution create a zero gain or loss when it is taken out of the partnership. I just trying to figure this out.
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Level 15
08-09-2022
10:05 AM
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I don't prepare many 1065s, but you can take the property out of service by entering a disposal date in the asset entry worksheet and leave the sales price blank.
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