1031 Wizard miscalculates basis and accumulated depreciation

5 replies
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Do any of you have this problem using the Lacerte 1031 Wizard? My basis on the property given up and its accumulated depreciation as calculated by the wizard
doesn't match the Lacerte depreciation schedule.

Lacerte Tax

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George4TacksAnswer

Level 15

Other users have voice problems with the wizard. Be sure you have properly picked up all the bulk sale assets. I do back up my return BEFORE running the wizard, just in case.

I have always had good luck with it, but I do prepare a worksheet before doing the wizard. My other software of choice is Tax Tools and the worksheets from it make for proper input on the wizard.

Answers are easy. Questions are hard!

George4TacksAnswer

Level 15

Other users have voice problems with the wizard. Be sure you have properly picked up all the bulk sale assets. I do back up my return BEFORE running the wizard, just in case.

I have always had good luck with it, but I do prepare a worksheet before doing the wizard. My other software of choice is Tax Tools and the worksheets from it make for proper input on the wizard.

Answers are easy. Questions are hard!

C

Carol110Author

Level 2

Thanks so much. I hadn't picked up one of the bulk assets.

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