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Level 1
Jun 9, 2020 2:22 PM UTC
Question

Built In Gains Worksheet

Does Lacerte have a built-in gains worksheet???? in particular with partnerships.

 

Thanks.

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3 replies

George4Tacks
Level 15
Jun 9, 2020 4:33 PM UTC

Partnerships do not have built in gains tax. That is the purvue of S-Corps. 

 

Answers are easy. Questions are hard!
abctax55
Level 15
Jun 9, 2020 4:47 PM UTC

To be even more specific... it's the purvue of  C-Corps with assets that have gains/income that have not yet been taxed (including A/R's) which have converted to S-Corps.

HumanKind... Be Both
sjrcpa
Level 15
Jun 9, 2020 5:49 PM UTC

Partnerships do have a built in gain concept. It is not a tax such as for S Corps.

No Lacerte does not have a worksheet. Excel is your and my friend.

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