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- How to report the sale of investment real estate on form 1065
How to report the sale of investment real estate on form 1065
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jtsccs
Level 1
03-04-2022
04:31 PM
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The partnership sold investment real estate in 2021, held for many years. This non-rental real estate ( non-depreciable) was purchased in the partnership to hold for long-term appreciation. I believe the LT gain would eventually end up on the partnership k-1 on line 9a, net long-term capital gain from the data entered on the 1065 schedule D. But I believe the instructions for 9a gains or losses state that this line is only for portfolio income like stock sales. So, would this real estate sale be considered portfolio income?
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sjrcpa
Level 15
03-04-2022
04:34 PM
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Portfolio = Investment
The more I know the more I don’t know.
jtsccs
Level 1
03-04-2022
05:23 PM
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Thanks. So it is portfolio income.
We did receive a 1099-S. So would the sales be reported on form 8949?
The form asks if the 1099-b showed a basis or not. The 1099-s does not (of source).
Do I answer the question for the 1099-s and if it was the same as a 1099-b? That would mean that it is treated just like a stock sale via a 1099b. Correct?
