Client did Turbo tax, i did same in Lacerte, sec 1231 gain 12,000, ordinary passive loss -9000...Turbo tax allowed the 9000 loss,

[stendec]

k1 passive loss of -9000,  sec 1231 gain.  Turbo tax allowed the Loss,  Lacerte sent loss to  "Disallowed Loss on 8582.  which is correct ?

[abctax55 · Accepted solution]

There are two lines on Screen 20.x for entering gains & losses.  DID you use the one that says "passive"?  Which is what Susan asked 17 hours ago...

"It showed on Sch D"  is not an answer to where you entered it.

[stendec]

This is the Answer ! and I appreciate your input .  I did NOT  enter this as Passive.   My error.  Lacerte got a copy of this return, and looked at it,  they did not suggest that Correct Answer

[abctax55]

YVW
I learned this one the hard way, years ago.

[sjrcpa]

Glad you figured it out.

[stendec]

thanks So Very Much,  SJR and ABCTAX,  I guess I am quite surprised Lacerte support did not see this, as I sent them a copy of the return.  she spent  15 minutes on this.  By god, I am still in the process of memorizing  the  50,000 pages of THE CODE.  when I get there, I won't be making any more errors. Truly, I learn something new out here every week. Really appreciate you

[sjrcpa]

You're welcome.

[sjrcpa]

Don't try to memorize the Code. It changes.

[stendec]

thanks, SJR,   I had no idea.  instead I will memorize the logarithm tables. , base 10. this will be easier than THE CODE

[poolcleaner]

But logarithm tables are more fun!

[George4Tacks]

Do you know why the adders (you know, the snakes) were not able to multiply?


They didn't know logarithms.

[poolcleaner]

:laughing:

[sjrcpa]

Turdo tax. If the 1231 gain is passive, the passive loss can be used. How did you enter the 1231 gainin Lacerte?

[stendec]

I had to log in.  I don't know if you saw my reply or not.  the 1231 gain is shown on Sch D. Lacerte said, of course, that Lacerte is correct, and T Tax is wrong.  who knows?

[George4Tacks]

@stendec You may not have done the entries correctly. sjrcpa asked a question that you did not answer.

[sjrcpa]

Yes. GIGO.

[abctax55]

:+1: