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Real Estate partnership partial buyout reporting
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TAXMANPAT
Level 2
Sunday
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Partnership with two 25% owners and one 50% owner. Ten year rental holding is only asset in the partnership. 50% owner sells entire interest to both 25% owners in equal amounts. There is about a $500k gain to seller. I am struggling mightily to report the gain on the seller's K-1. I can find no way to allocate the gain on the seller's K-1 worksheet. I understand what needs to be done, I simply can't figure out how to instruct Proseries Pro to do so. Help!
Also, I'd love any advice on how to calculate the seller's percentage of the gain on the Asset Entry Worksheet without having to create a second worksheet for the seller only while having to adjust the original. If this is the only method, fine. I'd like confirmation.
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sjrcpa
Level 15
Monday
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Seller's gain is reportable on Seller's tax return, not the 1065.
The more I know the more I don’t know.
