sterlingcpa
Level 1
‎12-06-2019 07:34 PM
 
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sjrcpa
Level 15
‎12-06-2019 07:34 PM

I think Lacerte's default for rental property is that it does not qualify for the deduction.


The more I know the more I don’t know.

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George4Tacks
Level 15
‎12-06-2019 07:34 PM
@sjrcpa I just used DemoData 01SAMPLE with today's update. It adds lines 1 and 2 to get 20Z. I can't seem to find a magic button to make it NOT 199A. The 1040 has one to make it 199A. I think S-Corp works the same way, but have not tested it yet.
Forms are not yet final yet. Maybe @Ashley at Intuit (aka Henry Jr) can get some input from the Lacerte know it alls.  

Answers are easy. Questions are hard!
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sjrcpa
Level 15
‎12-06-2019 07:34 PM
Maybe that default is only for individuals. https://accountants-community.intuit.com/questions/1789821-s-corp-non-199a-rental

The more I know the more I don’t know.
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abctax55
Level 15
‎12-06-2019 07:34 PM

That's what their notice said; but I *think* I heard that PS is making the opposite assumption.

I haven't had a chance to see what today's update is doing/not doing..

HumanKind... Be Both
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sjrcpa
Level 15
‎12-06-2019 07:34 PM
Neither have I

The more I know the more I don’t know.
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abctax55
Level 15
‎12-06-2019 07:34 PM
Maybe this weekend?
HumanKind... Be Both
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sjrcpa
Level 15
‎12-06-2019 07:34 PM
I'm doing fun nontax stuff this weekend

The more I know the more I don’t know.
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