A partnership should register for a federal ID number and complete a form 1065 to report the sale of the property. Each partner will receive a schedule K-1 to report the income on their personal tax return.
Your expenses will be added to the cost of the property and will be netted against the sale proceeds in the year of sale. The resultant capital gain or loss will be reflected as such on your personal tax returns.
You need to use the TurboTax "Business" software to prepare the partnership tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
