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I have a client that purchased an investment home with his brother with 50% ownership for each. Unfortunately because the power company was unable to supply gas/electricity, they were unable to rent the place. After making certain improvements in an effort to get the power company to install (unsuccessful), they decided to sell the house at a loss.
The client has provided the real estate withholding statement which gives the sales price, adjusted basis of the house after improvements and suspended passive activity losses from the property and essentially the amount of the loss. I've input everything accordingly into the Intuit proconnect, along with the 50% ownership - however it is showing the full loss on the clients return. I've called Intuit for help but to no avail. Hoping someone can tell me what Im doing wrong? Do I need to reduce all the numbers by half or is there an input field that I'm missing? There doesn't seem to be an override field to adjust the amount being reflected on the clients return. Any and all help is appreciated as this is the only item holding up with completing the return.