did each of you get a 1099-S for your share of the sale or was the 1099-S issued to the partnership using it's EIN?
if the 1099-S was issued to each of you then each taxpayer reports their respective share of the sales price and their tax basis in the property on their return - no partnership return
if issued in the name of the partnership using its EIN you need to file a first and final 1065.
in this case, you may want to consult a tax pro. there could be issues because no prior returns were filed and the reporting can be tricky. basically when the property was bought each partner made a capital contribution. but how to show it on their k-1 . a beginning balance sheet may be required if certain conditions are met. you would need to show the sale on form 8949 (flows to schedule D) and with an acquisition date years ago, and no partnership filings, this too could raise an issue with the IRS
what if the form was issued under the EIN of only one of you
that person is a nominee. that person must file form 1099-S for each of the others showing the amount allocated to each. the form will show that person as the “PAYER” and the others as the “RECIPIENTs.” That person must file the forms with form 1096 due date 2/28/2022.
