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Tax forms needed for finalizing partnership
Hello everyone, looking for some input from someone who may have done it in the past. My last years accountant made it sound like filing by myself would be easy this year as sole owner but I’m stumped on which forms my father and I need to file.
At the end of 2022 my father and I finalized our partnership. We purchased the rentals for $1,386,000. He owned 49% I owned 51%. In exchange for his 49%. I am paying him $510,000 at 4.5% rate over 10 years. Last year my accountant said he would only have to pay the capital gains on the portion of principle he received each year. I just don’t know which forms should be filed.