thank you have your response. Here is a little more info so that I make sure I file it correctly.
no partnership returns filed.
I put up 100% of investment money, purchase & expenses on all properties.
Partner paid me 3% interest.
we would split the profit & rent, 50/50
Property A goes to partner
Property B & C goes to me
Quit claim of deed never was filed at initial purchase for Property A. I am not officially on title for property A
How do I account for the initial purchase/expenses cost basis when I apply the sales price from the relinquished property A?
Do I file as if I sold 50% of Property A? Would I have to be paying taxes on that property?
Then I purchased 50% of Property B & C with a different cost basis than the initial 50%?
