topic I was a silent partner in a rental property so I have no cost basis to write off my capital gains when property sold in Investors & landlords

I was a silent partner in a rental property so I have no cost basis to write off my capital gains when property sold

Greta9 — Thu, 06 Jun 2019 06:07:27 GMT

My 1099s is $136000 my income is $4000 AGI and I receive soc sec. How much will I have to pay in capital gains to IRS? How much to California taxes? I am considering giving my proceeds to my partner on a 1099B if I need to.

If you are a partner with no investment cost (basis) then...

fanfare — Thu, 06 Jun 2019 06:07:28 GMT

If you are a partner with no investment cost (basis) then your share of the profit is 100% taxable.

If my AGI is $4000 and my 1099s is $146,000 what would my...

Greta9 — Thu, 06 Jun 2019 06:07:30 GMT

If my AGI is $4000 and my 1099s is $146,000 what would my tax rate be

Do you have a check in hand for $146,000 less selling exp...

fanfare — Thu, 06 Jun 2019 06:07:31 GMT

Do you have a check in hand for $146,000 less selling expense? That should cover any taxes due.

No, I have a check for $86,600 the 1099s is for the actua...

Greta9 — Thu, 06 Jun 2019 06:07:33 GMT

No, I have a check for $86,600 the 1099s is for the actually $136,000 I made a typo.

What is your percentage of ownership?

fanfare — Thu, 06 Jun 2019 06:07:34 GMT

What is your percentage of ownership?

How did you become a silent partner? If you didn't make a...

Hal_Al — Thu, 06 Jun 2019 06:07:36 GMT

How did you become a silent partner? If you didn't make an investment, were given a share of the property. The cost basis in a gift is the giver's basis. Was the 1099-S for the entire sale or just your share of the sale? Do you know how the other partners plan to report the sale on their tax returns? You need to coordinate with them. In particular, who will report the depreciation recapture (it should be the partners who claimed in on their Schedule E over the years)? If you only got $86K, where did the other $50K go?