On form 4797 , client is 50% owner of sold real estate-----how to allocate in Lacerte? I think the only way is to adjust basis.
It might be Monday, but it still seems like you left out a lot of information from that question.
You don't report things that belong to somebody else.
So if the taxpayer only owns 50% of an asset, you enter the Basis and sales price of the portion that he owns.