a property was invested into through a business partnership of mine in 2014, the property sold at a loss in 2018. although the business partner issued me a 1099-misc for my portion of the sale amount. how do I show this on my return as each year we filed our small related business expenses total $3k on my Schedule C's. We also had an additional $28k worth of expenses paid in 2018 to the business partner that came out of the sale amount. Total loss of $37k not a gain of $128k as shown on the 1099-misc. The partnership has since dissolved and I am tired of waiting for an answer back from him. I did an extension to wait for a corrected 1099, but the next tax deadline is quickly approaching and I want to file my taxes correctly. How do I do this?
posted
last updated
October 02, 2019
1:32 PM