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Level 3
May 5, 2020 2:21 PM UTC
Solved

Sold Data List

A 990 client sold a Data List (Names & Addresses).  This is not what they are in business for (this list was a self generated list).  Where should I input this in Lacerte?

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sjrcpa
sjrcpaAnswer
Level 15
May 5, 2020 2:53 PM UTC

Other income, and possibly the 990-T

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

6 replies

sjrcpa
sjrcpaAnswer
Level 15
May 5, 2020 2:53 PM UTC

Other income, and possibly the 990-T

The more I know the more I don’t know.
wjh4848Author
Level 3
May 6, 2020 3:55 PM UTC

Will they have to pay tax on the gain?

Thank you so much for your answer.

sjrcpa
Level 15
May 6, 2020 5:18 PM UTC

If it's unrelated business income.

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