Discussion:Lacerte input question-distribution in excess of basis
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(Difference between revisions)
| Revision as of 15:34, 15 May 2009 Futenma (Talk | contribs) (No increase to b) ← Previous diff |
Revision as of 15:41, 15 May 2009 LSC CPA (Talk | contribs) (figured it out -) Next diff → |
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| {{ForumReplyPost|UserID=Futenma|Date=15 May 2009|Text=No increase to basis - but if you use Lacerte to track basis you may also need to make an adjustment in screen 20.1. - didn't mean to imply that basis was increased by the gain recognized.}} | {{ForumReplyPost|UserID=Futenma|Date=15 May 2009|Text=No increase to basis - but if you use Lacerte to track basis you may also need to make an adjustment in screen 20.1. - didn't mean to imply that basis was increased by the gain recognized.}} | ||
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| + | {{ForumReplyPost|UserID=LSC CPA|Date=15 May 2009|Text=figured it out - thanks.}} | ||
Revision as of 15:41, 15 May 2009
Discussion Forum Index --> Basic Tax Questions --> Lacerte input question-distribution in excess of basis
Discussion Forum Index --> Tax Questions --> Lacerte input question-distribution in excess of basis
| 15 May 2009 | |
| I'm doing a 1040 for a client who has a distribution in excess of basis from a partnership (decrease in partnership liabilities treated as a distribution, since he had -0- basis). I need to report this as a LTCG on the 1040 and am not sure exactly where to input this amount in Lacerte - looking for some guidance. Thanks! | |
| 15 May 2009 | |
| Input the gain in Screen 17 - Dispositions. If you are using Lacerte to track basis, you will also need to enter the gain in Screen 20.1 "Other current year increase to basis." | |
| 15 May 2009 | |
| yes -- easy to forget the increase to basis adjustment made for claiming the excess distribution | |
Harry Boscoe (talk|edits) said: | 15 May 2009 |
| What increase to basis. In the simplest case, it was zero before the distribution, and it'll be zero after the distribution. Just stirring the water. | |
| 15 May 2009 | |
| No increase to basis - but if you use Lacerte to track basis you may also need to make an adjustment in screen 20.1. - didn't mean to imply that basis was increased by the gain recognized. | |
