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Sale of rental house with 50% ownership
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Nick MacDonald
Level 3
09-13-2024
08:49 PM
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8825 has always shown all expenses then reduce by 50% as it should.
The 4797 does not follow the same logic, if you enter total sales price it flows unchanged to the 4797. If I reduce the sell price the taxpayer received, the basis is still 100%. Am I missing something in fixed assets to address this?
2 Comments 2
George4Tacks
Level 15
09-14-2024
11:49 AM
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For the sale, you need to ONLY enter the sale date in the depreciation input. Then go to dispositions and do the sale for the 50% of everything.
What you did should work, in theory, but it does not. I treats it as a sale of the whole, since the 50% entry is on the Schedule E and not in the depreciation input.
Answers are easy. Questions are hard!
Nick MacDonald
Level 3
09-14-2024
11:57 AM
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I originally trusted the input until final review. I did a mass disposition from the depreciation screens. I entered 1/2 sale price and costs. I drafted 4797 and verified basis, then entered a 50% basis adjustment to correct. I think I got it where it should be, but glad I took that final look.
