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1099S - Received with SSN, but filed on 1065

DeQuiros
Level 1

client purchased a home with a partner to flip.  The purchase was reported on 1065 along with the costs of renovations and subsequent sale.  K-1's were issued to each partner.  One partner reached out after the fact to say he received a 1099S with his social security number.

How does he report to the IRS that the proceeds were already reported on 1065 and his share is on the K-1?

Thanks.

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2 Comments 2
IRonMaN
Level 15

If the one partner got a 1099S, how did the partnership sell a house it didn't own?


Slava Ukraini!
BobKamman
Level 15

I would wait until IRS asked.  They aren't going to read any attachment to his 1040, and why would they believe it anyway?  

I doubt with budget cuts they're going to do 100% matching of 1099-S forms, anyway.  But we'll find out.  

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