Enter only your share of both the sales and purchase info instead of the entire amount. If the split is 50/50 divide all of the cost, proceeds, and expenses in half and report only those amounts.
Keep documents showing full prices in your records as well as the agreement that assigned half of the asset to you with your important documents for at least 3 years in case you are asked to show support for your numbers.
Thank you very much. I do understand that is what I need to enter, but the TurboTax interface is asking sale price, sale dates, etc instead of letting me enter cost basis and earnings. How do I switch off that “easy” mode?
thank you again.
Just enter the half amounts in response to the TurboTax system questions. That will get the amounts entered for you.