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Sale of rental property. 50/50 partnership between uncle and nephew. How can I allocate 50% cap gain in both?
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itonewbie, maybe you or Ironman can use your mind reading skills
As you can see original poster is hard to get info from. Reading between lines, I doubt his clients received any professional advice about their venture. I'm thinking that one of them received a 1099 S, so what would be the best way to report to IRS. I'm thanking a letter with clients return that had the 1099 S explaining he is reporting half, and his nephew is reporting the other half. Hope you two guys will jump in 🙂
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