Well, I am back.
Background:
New client as previous CPA retired. It would appear that the prior CPA used Lacerte given what I know about the CPA and how the PY return looks (font type and presentation of statements/schedules).
Client has two rental properties (property A and property B). The 3rd rental property (property C) is listed/treated as "Rental Management" and expenses get allocated from this property to the other two. On PY return, all 3 properties are listed on Schedule E and it shows the itemized costs of insurance, auto/travel, professional fees, and depreciation and then the total of those costs get allocated to the other properties (presentation shows "STMT 5, STMT 6, STMT 7 and so the Property C has zero costs (line 20 is zero). The election to combine Rental Real Estate Interests into One Activity Pursuant to IRC Sec. 469(c) (7) (A) is made and a statement is included to that fact. And they are a qualifying taxpayer per the prescribed definition.
Question:
I use Pro Series Basic. Property C does not show up on Schedule E unless I put $1 as "rent received". I was playing around to see how I could get it to show up. No rents are received.
Could it be that the software I use is not as powerful as Lacerte and it does not provide for this type of situation? Or, could it be that I am missing something within the setup and thus my problem?
Well, there it is. Many thanks in advance to the experts out there. Sometimes, we decide to help people out without realizing there could be problems down the road. I'm all for helping and working through it. They are a nice retired couple.
