ProSeries Form 1041 Sch D line 18c "28% Rate Gain Worksheet" lines 5 and 6

[lyle-gregory]

ProSeries Form 1041 Sch D line 18c "28% Rate Gain Worksheet" lines 5 and 6 are supposed to be transferred to the form as a negative number as shown on the IRS worksheet.  ProSeries transfers the figures as a positive number, which then flow incorrectly to Schedule D line 18c.

[Just-Lisa-Now- · Accepted solution]

You are the third person to report this here in the messageboard that I've seen.

[Allan at Intuit]

This issue is fixed in an update available today, February 27, 2019.  Please run program updates for the current version.

[Allan at Intuit]

This issue has been reported to our development team.

[ShetenhelmCPA]

I am trying to do a trust tax return and it is calculating capital gain and depreciation recap on a rental incorrectly - it is including in the capital gain the amount of 1250 depreciation recap - and it is adding in the recap - adding additional income

It is not an easy tax return - have a rental sale that has never been depreciated - so 3115 to catch up depreciation - and then the large 482 adjustment to catch up 20 years of depreciation - on a corporate or partnership return there would be an ordinary loss - and that would net with the depr recap - this seems to be taking the rental loss away from each cap gain and 1250 recap - it is not calculating correctly - but if it was ord income loss - it would net with the depreciation recap and you would get the capital gain favorable rate on the income left over

first of all - needs to be adding correctly - but when you allocate the loss can you put it against the larger tax - the depr recap? 

I have done all my updates and refreshed them a couple times - and it is still adding up incorrectly - in 2020 proseries 2020 software

please help!

[ShetenhelmCPA]

I went into the schedule D cap gains and losses page and under 18 b I allocated zero to the beneficiaries - it put the number on the estates or trusts column 2 - and it is now not showing up on my k1's or on the trust - I am assuming since it is an ordinary loss from loss on rentals that it can be netted 1st with the 1250 recap and only leave capital gain long term treatment - I had a small amount of short term capital gain too - and it got rid of that after I allocated the 1250 gain to the trust - and the trust doesn't owe anything on it - so I believe the return to be correct

to bad I can't charge for the many hours the software spent me doubling up this calculation 

pretty certain I am good now

would love to hear your response