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Get your taxes done using TurboTax
How have you been reporting the rental income and expenses in the past?
Have you been taking depreciation deductions on an annual basis?
Do you have a partnership agreement (either written or verbal)?
Will you be receiving (or have you already received) a tax reporting statement (a 1099-S)?
These answers to the foregoing questions will dictate how you should properly report your share of the proceeds (and gain) from the sale.
‎October 18, 2022
7:39 AM