More information provided here:
Using K-1, we reported the following:
Sale Price 140K
Selling Expense: 68K
Partnership basis: 68K
Ordinary gain: 75K
The property was inherited, and turned in to LLC rental in 2010, and sold in 2024.
Reporting the "acquired date" as "Inherited", and sale date as 2024 is reporting the sale as long-term capital gain on schedule-D but shows as short-term gain on form 4797 part II. Is this correct? Should it now instead have been reported as long term on 4797 part I instead?
What are we doing wrong?
