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Level 2
March 27, 2022
Question

Sale of rental home

  • March 27, 2022
  • 2 replies
  • 11 views

Home bought and sold for profit during 2021 by two partners. where is reported 50% of basis and gain? on personal return? 4797 has 3 options as to ownership 1, Taxpayer, 2. Spouse, Joint, i don't see any option that says owned with a third party.

 

 

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2 replies

IRonMaN
Level 15
March 27, 2022

Partners = 1065.

Slava Ukraini!
Just-Lisa-Now-
Intuit Community Champion
March 27, 2022
If theyre not true "partners" in a formal partnership, just 2 people that each own 50% of something, then youd only report your clients half and it would be Taxpayer.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪