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allocate percentage ownership on 4797

Mrnco
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 Replies 2
IRonMaN
Level 15

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

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
TaxGuyBill
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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