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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Re: 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?
