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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.

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