Anyone know how to report related party sale for rental property on Lacerte. We can't find an ideal way to stop the loss that post on Form 4797.
Thanks in advance.
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I think entering a second transaction with an offsetting gain and calling it Related Party Loss, and coding it in the Sale of Asset section so that it ends up in the right place on the 4797 is the workaround I've used.
Me, too.
Thanks all.
And finally I find the checking box under the 'depreciation' -'additional disposition information'-'related party loss'. After clicking it, form 4797 will report 0 loss and the property will be labeled as 'nondeduct-IRC sec 267'
Wow... me, Susan, Phoebe (what, a century combined of Lacerte use ?!? ) and *we* didn't know this one. LOL
We are always learning!
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