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How to Report a sale of home with business use in Lacerte

JOEPCPA
Level 3

Good afternoon -

A client used 25% of residence as home office and took depreciation. He sold home and I'm following intuits instructions below for reporting the sale but on the 4797 it has 100% of sales price in (d) gross sales price, but the 25% reduced basis in (f)Cost or other Basis. Any suggestions? I could break up into 2 sales but the instructions below say I shouldn't - THANKS

https://proconnect.intuit.com/community/individual/help/reporting-a-sale-of-home-with-business-use-d...

 

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3 Comments 3
sjrcpa
Level 15

Are you entering it in the Depreciation Screen or the Dispositions Screen?

The more I know, the more I don't know.
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JOEPCPA
Level 3

Depreciation - from Intuit help article - 

There are two methods of entering the sale. If you enter the sale on the Depreciation screen, you can do a bulk sale with the home as the main asset. 

 

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JOEPCPA
Level 3

Depreciation screen

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