Having issues with inputting the disposition of an investment home thats held by brothers.

[Surfgolf]

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.

[BobKamman]

How do you have a suspended loss if it was never available for rent?  

Did you file a 2023 Schedule E showing 100% amounts for just your client?

[George4Tacks]

I need more detail to answer.

Here is my guess:

1. For each asset, enter a date of sale ONLY do not enter any sales information.

"How to retire or dispose depreciable assets without a gain or loss

by Intuit•1•Updated 2 years ago

This article will help you dispose of a depreciable asset, and stop depreciation, without recording a gain or loss. First, navigate to the depreciation screen using the instructions below for your return type.

• Individual, fiduciary, and corporate (1040, 1041, 1120):
  • Deductions > Depreciation
• Partnership and S-corporate (1065, 1120S):
  • Ordinary Income > Depreciation (4562)
• Exempt organization (990):
  • Expenses > Depreciation

1. Click the Details button on the desired asset.
2. On the left-side menu, select General Disposition Information.
3. Enter the Date sold, disposed, or retired [MANDATORY].

The program will automatically calculate depreciation for only the portion of the year before the asset was retired. The asset will not proforma (roll over) to next year's return."

2. Go to Dispositions and enter all of the 50% figures there. Look at the depreciation schedule to get the entries for basis and depreciation claimed. This should end up on 4797 https://accountants.intuit.com/support/en-us/help-article/form-8949/entering-sale-disposition-assets...