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I have a client that sold a restaurant that was in a domestic limited partnership. The 1099-S was issued in his name and social. This will be the partnerships final return and I need to show disposition of the building. Not sure how to proceed.
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Sounds like you have been depreciating a building in a partnership that didn't own a building.
Slava Ukraini!
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If it were me, I'd 1) report the sale on the Partnership return 2) report the sale on individual return with cost same as sale price and under description enter "This sale is reported under (insert name of LLC here) EIN (insert LLC EIN here)
not saying that's proper but that is what I would do similar to how I would handle 1099MISC reported to taxpayer when it should be to SCorp or LLC
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Thank you for a nice reply. lol!
