just sold a rental; own it 50/50 with a partner. My paperwork from the closing has the full sale price. Do I manually split that along with what I paid for the house?

Forum|Forum|3 years ago
January 30, 2023
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We paid 250K for it and it sold for 385K. I have it set to put 50/50 for all expenses related to it, but the capital gains seem to go all to me, is there where we bth adjust it to half manually?

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Best answer by Anonymous_

If you are not filing, and have never filed, a partnership return (which I presume to be the case), then you have to report the entire proceeds on your income tax return since your tax reporting statement (1099-S) was issued in your name and SSN alone.

You would then report that you received half of the proceeds as nominee for your "partner" (which, frankly, is somewhat involved and you might want to consider professional guidance).

See https://www.irs.gov/instructions/i1099gi#en_US_2022_publink1000286907

Anonymous_Answer

Employee

You would then report that you received half of the proceeds as nominee for your "partner" (which, frankly, is somewhat involved and you might want to consider professional guidance).

See https://www.irs.gov/instructions/i1099gi#en_US_2022_publink1000286907