abctax55
Level 15
10-20-2020
06:03 PM
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"...But you still need to report the sale regardless if there is recognized gain or not."
That statement is NOT correct; see the directions provided by the IRS. It says do NOT report.
Lacerte allows an override which I use to force all sales of a primary residence to show up on F 8949/Sch D. The 'disclaimer of excluded gain' shows up. It is much easier (and yes, my clients HAVE had missives from the IRS asking..) to then print the F 8949/Sch D out & respond to the notice.
YMMV
HumanKind... Be Both