Bulk sale of assets in Lacerte

[rcipullo]

What does EDPA stand for when assets are grouped on 4797 ?

[qbteachmt]

"Form 4797 and Form 8949.

If you sold assets from a passive activity or you sold an interest in your passive activity, all gains from the activity must be entered on the appropriate line of Form 4797 or Form 8949. Identify the gain as "FPA." Enter any allowed losses for Form 4797 or Form 8949 on the appropriate line. On Form 8949, include "PAL" in the description of the property in column (a). On Form 4797, enter "PAL" to the left of the entry space (for example, line 2 or line 10).

Entire disposition with an overall loss.

If you made an Entire Disposition of your interest in a Passive Activity and that activity had an overall loss, none of the gains, if any, or losses were entered on Form 8582 or the worksheets. However, all the gains and losses must be reported on the forms or schedules normally used. To the left of the entry space, enter "EDPA."

Entire disposition with an overall gain.

Gains and losses from this activity were included on Form 8582 so that the gains might offset other PALs. Report all the gains and losses on the forms and schedules normally used, and to the left of the entry space, enter "EDPA.""

From: https://www.irs.gov/instructions/i8582

It's amazing how much info can be found at the IRS websites.

(edited for emphasis)

[abctax55 · Accepted solution]

Entire Disposition Passive Activity

[eleanorcpa]

As a result of being a EDPA sale, I have the sale listed on 4797 pae 1 part two--which it is absolutely not supposed to be. It is suppoed to be om 4797 page 2 , the the net gain goes or page 1. . To make my return correct, I needed to entrer a loss on Form 4797 Page 1 part I. LACERTE IS TOTALLY SCREWING THIS UP . I am going to need to go the the IRS website and create a denovo Form 4797 page 1, without any of the **bleep** that LACERTE HAS PUT THERE. 

I wish all our you Lovel 15's worked in the real world with real clients and real deadlines.

Eleanor Hansen

[abctax55]

@eleanorcpa 

I'll be happy to stack my "real world, real clients, and real deadlines" against YOURS anytime you wish.

Are you aware of PEBKAC?

3 decades of using Lacerte and the bulk sale function works perfectly for me.

IF you wish to share the entries you've made, someone might be willing to point out what's wrong.

[eleanorcpa]

Dear abctax55: 

I do not, like you,  have 15 yars experience with LACERTE. Maybe 5-6 years in the late 2000's. Since then I have been with PFX, I have printed out the offending form 4797 and sanitiized it and would provide you with a copy if I could. I never in my entire 40 yeara tax career (I am now a life member of the California Society of CPAs and do not need to pay dues) done a bulk sale and if LACERTE is so fragile that I can without any intention, generate such a treatment for when I was intending to report the sale of a SFR with land and building, I do think something is wrong. Seriously wrong. I have been having bad thoughts about IRS poor processing of income tax returns, but if the sale of SFR are being reported as bulk sales of say, wheat or tobacco, then something is rotten in the state of Denmarrk.

Eleanor Hansen 

[abctax55]

again... 30 years, not 15 years.

As you aren't sharing WHAT you've entered, none of us  "level 15"  folks can help.

New software ='s  a learning curve.

Good luck, I'm outta here

[qbteachmt]

@eleanorcpa 

Are you using the program properly?

"when I was intending to report the sale of a SFR with land and building"

That's pretty cryptic.

Have you considered using the Help articles:

https://proconnect.intuit.com/community/form-8949/help/entering-a-bulk-sale-of-assets-in-lacerte/00/...

https://proconnect.intuit.com/community/form-8949/help/entering-a-sale-or-disposition-of-assets/00/3...