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Client owns 1/2 Rental Home

MRA
Level 2

Inherited a tax return with client owning 1/2 of highly appreciated rental. Using Lacerte, I was putting in full 100% rent income, expenses and depreciation and then indicating 1/2 ownership on schedule E. When I mock in the SALE of the Rental under depreciation I cannot figure out how to make this 1/2 for the gain without changing the amount depreciated to half. I didn't do this earlier as the schedule E was cutting it in half. How do I put correct numbers on the 4797 pg 2 from the Depreciation Screen?

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George4Tacks
Level 15

I would enter date of sale for each of the assets in the depreciation screen. I would then go to the disposition screen and create the 4797 from the depreciation data. At the bottom of the screen tie the sale to the rental. 


ex-AllStar