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EminC
Level 2
03-27-2022
09:33 AM
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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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Just-Lisa-Now-
Level 15
03-27-2022
11:41 AM
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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.
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