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Level 4
December 7, 2019
Solved

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.

  • December 7, 2019
  • 3 replies
  • 31 views
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Best answer by IRonMaN

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.

3 replies

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

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!
JOEPCPAAuthor
Level 4
December 7, 2019
Thanks much! I had thought of that but appreciate the second opinion!