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M
Mrnco
Level 1
October 11, 2021
Question

allocate percentage ownership on 4797

  • October 11, 2021
  • 2 replies
  • 5 views

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

IRonMaN
IRonMaN
Level 15
October 11, 2021

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

Slava Ukraini!
    T
    TaxGuyBill
    Level 15
    October 11, 2021

    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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