Question
partnership sale of condo property
I have two clients who sold their condo they held in a partnership. they had a business return prepared and now have a schedule K1 from that. Now i need to prepare their personal tax returns. they are splitting the profits from this sale 50/50. What form should i use for each of them to report this gain? prepare another K1 for each or a schedule E? not sure with this one.
Any help would be appreciated.
Thank you
Duane Ragan
Finest Income Tax Service
