allocate percentage ownership on 4797

[Mrnco]

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.

[IRonMaN]

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

[TaxGuyBill]

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.