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allocate percentage ownership on 4797

Level 1

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.

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2 Comments 2
Level 15

It might be Monday, but it still seems like you left out a lot of information from that question.

Ukraine - hang in there
Level 15

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.

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