I sold investment property in the middle of the month. Should I adjust the amount on the 1099 Misc to reflect a partial month before entering on my Sch E?

[HelenaC · Accepted solution]

No. TurboTax will adjust the necessary amounts when you enter the date the investment property was sold. 

Related information:

• I sold my rental property. How do I report that?

[jeffrey17]

Thank you but I failed to say that the investment property is in a partnership and my CPA will be preparing the 1065. I will be preparing my 1040 after I receive the partnership return.

[HelenaC]

The 1099-Misc will be reported on form 1065, by the LLC and your CPA will issue you a K-1. The K-1 will have the sale that you will report on your From 1040, Schedule E.

[jeffrey17]

I over looked that. Thank you!