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mphillips1994
Level 3
March 1, 2021
Question

1099-S received in taxpayer name and social but in a partnership

  • March 1, 2021
  • 3 replies
  • 23 views

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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3 replies

IRonMaN
IRonMaN
Level 15
March 1, 2021

Sounds like you have been depreciating a building in a partnership that didn't own a building.

Slava Ukraini!
    dkh
    dkh
    Level 15
    March 1, 2021

    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

      M
      mphillips1994Author
      Level 3
      March 1, 2021

      Thank you for a nice reply.  lol!

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