Rosebud Posted March 10, 2008 Report Share 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 Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 10, 2008 Report Share 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 Link to comment Share on other sites More sharing options...
michaelmars Posted March 10, 2008 Report Share Posted March 10, 2008 Roy you were mellower than i was going to be which is why i just moved on Quote Link to comment Share on other sites More sharing options...
zeke Posted March 10, 2008 Report Share Posted March 10, 2008 Then again, maybe her experience is is fields of which you are uninformed. Quote Link to comment Share on other sites More sharing options...
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