kklund
Level 1
03-02-2021
05:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Fidelity statement reporting ordinary loss on redemption of contingent debt instrument. How is this reported in Lacerte? I can see an old posting under ProSeries but it points to Sales of Business Property, which this is not, and doesn't help a Lacerte user. I can't see any boxes under Dispositions that would classify this portion of the disposition income as "ordinary" instead of capital.
Thanks in advance,
Kathy
Best Answer Click here
Labels
Level 11
03-03-2021
09:21 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Like that old posting, I run it through the 4797 to make it ordinary. In the 4797 section of Screen 17.1 Dispositions, enter a -1 for depreciation allowed.
kklund
Level 1
03-03-2021
03:03 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you, Phoebe! I see how this works now. Really appreciate your taking the time to respond.
Kathy