Rosebud Posted March 10, 2008 Report Posted March 10, 2008 I am closing out an a rental partnership LLC that has sold its' rental house. They had a few months of rental income and all is on the 8825. I've disposed of the house and assets thru Asset Manager.....it flows to the 4797....but not to the 8825. Shouldn't the gain on the sale be shown on the 8825???? Also, after distributing the cash, etc. the partner's still have basis.....what happens to that? Quote
RoyDaleOne Posted March 10, 2008 Report Posted March 10, 2008 No the gain does not flow to 8825, but to the 4797. If the parnter still has basis it is entered on schedule D as a loss. I am not asking how that happen. For a 99 year you do not have much experience. Seeing that I am from Indiana and you are from Indiana I answered the question. Quote
michaelmars Posted March 10, 2008 Report Posted March 10, 2008 Roy you were mellower than i was going to be which is why i just moved on Quote
zeke Posted March 10, 2008 Report Posted March 10, 2008 Then again, maybe her experience is is fields of which you are uninformed. Quote
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