How to Change Gain % On Sale of Rental RE

[Crank]

Im at a loss for how to change the ownership % on the sale of rental RE. Depr flows fine at 50% to the Sch E where ownership is indicated at 50% however 100% of the gain on the sale is flowing to the 4797. The only options I see on the Fixed Asset Disposition Tab is for business use not ownership. How do I get 50% of the gain to flow to the 4797 and not 100%

[WITAXLADY]

YOU MIGHT HAVE TO RE ENTER IT by hand.. say I have a farm ho buys 30 cows but only sells 5 of them or 2 die - I then have to go back in and break out the purchases.. I print the information of what it was and then split it out so it is correct at the finish. Hope this helps your situation

[Crank]

I was thinking of doing that but then it would affect the 50% depreciation flowing to the Sch E. Unless I over ride the 50% of the depr flowing to the Sch E then go in to the Fixed Assets and cut everything in half so the correct 50% of the sale shows on the 4797. This seems like it should be easy and built into the software.

[Crank]

My bad. The 50% ownership doesn't get applied to the depreciation on the SchE but DOES get applied to all other income and expense items. I had to split the fixed asset in half to get the 50% ownership gain to flow to the 4797 and the SchE. That's ridiculous.