Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

How do I report the sale of land at a loss on land contract…

How do I report...

How do I report the sale of land at a loss on land contract within a partnership? Please help!

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The land was sold at a $11,000 loss. I was sold on a land contract. The

Accountant's Assistant: Is there anything else important you think the Accountant should know?

This land was owned and sold by the partnership that has 15 members. How does the loss affect the tax reporting or at all.

Show More
Show Less
Ask Your Own Tax Question
Answered in 7 hours by:
3/11/2018
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,180
Experience: Former IRS Revenue Agent
Verified

I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

Ask Your Own Tax Question

Dear Customer,

The partnership should issue you a Form K-1 of Form 1065. On the K-1, the long term capital loss will be listed. Based on the K-1, you then report on your personal tax form based on the instruction of K-1, line 9.

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

Usually, it is just one or two numbers you enter into your software.

Please feel free to follow up.

Regards,

Fiona

Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,180
Experience: Former IRS Revenue Agent
Verified
Dr. Fiona Chen and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Dr. Fiona Chen Your Own Question
Dr. Fiona Chen
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,180
1,180 Satisfied Customers
Experience: Former IRS Revenue Agent

Dr. Fiona Chen is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
LLC Technical Termination (2017 calendar tax year)? Member A
LLC Technical Termination (2017 calendar tax year)? Member A has Profit and Loss = 90%, Capital = 50% at beginning of 2017. At end of 2017, A has Profit and Loss of 1% across the board. One other memb… read more
Carter McBride
Carter McBride
LLM
1,191 satisfied customers
As a member of a single member LLC me and my friend (not a
As a member of a single member LLC me and my friend (not a member) had invested some money to buy a land in NY state in 2016. In 2017 LLC sold it with some capital gain. Now I have few questions to cl… read more
Carter McBride
Carter McBride
LLM
1,191 satisfied customers
In September 2016, My son bought a 2 acre piece of land for
In September 2016, My son bought a 2 acre piece of land for $200,000 with the intent to subdivide it and did, gave one 1 acre parcel to my son and one to my daughter which they would in turn build on.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,484 satisfied customers
I have a building that was demolished by the city. I still
I have a building that was demolished by the city. I still own the land. Is there a tax issue? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
gain.I have a question about step up in basis. Mr. X dies and
gain.I have a question about step up in basis. Mr. X dies and he is divorced. In his will he leaves everything to his four children. He is a farmer and owns 4 C Corporations. Shareholders at the date … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
re: Real Estate investors LLC When filing a 1065 for real
re: Real Estate investors LLC When filing a 1065 for real estate investors, how do you capture the investments on the tax return and record specifically on the tax return and related schedules (see be… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
Scenario LLC that sells products produced and manufactured
Scenario LLC that sells product's produced and manufactured by other companies that now (2011) has two members (all paperwork and changes on state paperwork done correctly at the end of 2011) produced… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I own a C Corp and a partnership. The C Corp held 2 properties
I own a C Corp and a partnership. The C Corp held 2 properties which it sold at a gain to the partnership (the sales price was dictated by an appraisal). The C Corporation had NOLs to offset the gain.… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
Timber was sold from land under Forest Management program.
Timber was sold from land under Forest Management program. Does this transaction get reported on Form 4797 or as other income? How will this affect taxability of social security?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Several years ago, two partners bought land under an LLC.
Several years ago, two partners bought land under an LLC. This year one partner bought out the other (no profit) and dissolved the LLC. Are there any tax implications to either partner?… read more
The Geezer
The Geezer
Master's Degree
120 satisfied customers
Six partners (all family) start an LLC a year ago. Land ...
Six partners (all family) start an LLC a year ago. Land was purchased and a home was built. May of this year quit claim deeds were signed and ownership was transferred to two of the partners who also … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I sold part of my land which my home sits on in 2006.
I sold part of my land which my home sits on in 2006. Am I subject to capital gains on this???? I previously owned 20 acres which is part of a farm. I file a schedule F every year on that income. I so… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
If an individual owned land that he wanted to sell but ...
If an individual owned land that he wanted to sell but wanted to avoid paying large capital gains taxes ... would it be legal for him to sell it to a company (of related individuals) over a 20 year no… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
On a Residential Vacant Lot Sale purchased at $4,0000.
On a Residential Vacant Lot Sale purchased at $4,0000. Sold at $70,000. How much is the Capital Gain? Can it be excluded? Optional Information: Delray City, Florida… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My mother gifted me 15.63 acres of land, which I in turn ...
My mother gifted me 15.63 acres of land, which I in turn sold within 1.5 months for $125000. I should close on a purchase of our first primary home prior to year end that we are using $80k-$90k of tho… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I bought 80 acres in 1993 and have lived on the ...
I bought 80 acres in 1993 and have lived on the property since then. I just sold 28 of the 80 acres and want to know what my obligations are regarding Capital gains. I live in Kansas and I am 57 years… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My aunt is selling 40 acres for a subdivision. She is ...
My aunt is selling 40 acres for a subdivision. She is keeping her house and 2 acres. She will receive 957,000.00 for the property. She is 86 years old. What percentage rate would she be charged for ca… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My parents owned 40 acres in GA. They sold 30 and kept the ...
My parents owned 40 acres in GA. They sold 30 and kept the 10 they live on. They are both over 70. Do they owe capital gains?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x