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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Allocations of income based on class
Allocations of income based on class
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Dannielle
Level 1
12-28-2020
01:58 PM
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We have a partnership this year, who bought rental property in two different states. They want income allocated to two of the partners based on location of property. E.g., partner in Florida is allocated income from rental properties in Florida.
I was hoping there may be a way to allocate/create classes of income, then assign the class to a specific partner, Rather than using - Special Allocations - Screen 29 by an amount or percentage. Does anyone know if this is possible?
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George4Tacks
Level 15
12-29-2020
01:18 PM
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This sounds like another "make a spreadsheet" as the only solution. There is currently no way to do this in Lacerte.
Answers are easy. Questions are hard!
