Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-18-2015, 03:08 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
1099 wrong recipient info

last March I purchased half of a commercial property-my father owns the other half. The previous half owner had passed away and my father has dissolved that partnership. However the renters still have the partnership info on the 1099 form. My question is do I just go ahead and ignore that info and still claim my half of the 1099-misc rents? . Or how do I handle it? Also I never entered into a partnership for this property-just half owner



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-18-2015, 06:48 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
Quote:
Originally Posted by Salami70 View Post
last March I purchased half of a commercial property-my father owns the other half. The previous half owner had passed away and my father has dissolved that partnership. However the renters still have the partnership info on the 1099 form. My question is do I just go ahead and ignore that info and still claim my half of the 1099-misc rents? . Or how do I handle it? Also I never entered into a partnership for this property-just half owner
i guess it depends; the business continues to operate after the dissolution but only for a limited period of time. The outgoing partner must negotiate a settlement with the other partners that details the division of the firm's assets between the owners. Dissolutions go to court if the partners cannot agree on how to split the firm's assets and liabilities. Generally, you must dissolve and then terminate a partnership if any partner dies. If you and the other remaining partners want to continue to work together then you must simply create a new partnership after the original partnership stops operating. However, in some states, such as Ohio, you can keep a partnership active after the departure of one partner if the other partners buy out that partner's share of the firm. Generally, you can only do this if your original partnership agreement included a buy-out clause.please contact the Dept of revenue of your state for more accurate info in detail.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sole Proprietor, 1099's with wrong recipient. dj.madman07 Sole-Proprietorship 1 04-05-2012 07:33 PM
the 1099 has the wrong info on it dewa Income 1 02-14-2012 11:12 PM
Form 1099-S info justme2706 Rental Real-Estate 1 03-02-2011 07:27 AM
Wrong 1099 Help ColoradoGirl Income 0 09-02-2009 07:48 PM
Double Reporting of 1099-misc to recipient JGRMinneapolis Miscellaneous 3 03-02-2009 03:36 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning