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PTP disposition Lacerte
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caramturner
Level 2
03-20-2023
10:29 AM
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I felt that you should know Lacerte does a terrible job with these and you really need to know what you are doing to report correctly. It should NOT require this much work in different screens. We switched from UltraTax to Lacerte this year. We did not realize how good we had it with UT and have regrets about switching. Lacerte is very basic compared to UT and the manner in which you handle PTP disposition in Lacerte is incredibly complicated. It does not generate the 751 statement or do the calcuations and flow through to Sch D, QBI, etc. I used Lacerte 14 years ago at another firm, then ProSeries, then UT. IMO, Lacerte has not improved in 14 years, in fact, it may have become less robust. We are not impressed at our office.
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PhoebeRoberts
Level 11
03-20-2023
10:40 AM
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The devil you know is always better than the devil you don't know. 🙂 We seriously considered UT maybe 10 years ago, and there were SO MANY things that Lacerte did automatically (or I knew how to do without any conscious thought or effort) that UT either didn't do, or required some hinky workaround for. Change is super difficult.
I agree with you entirely that PTP dispositions are a pain in the butt.
