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The gain reported in Lacerte for the sale of a partially owned asset is overstated

by Intuit Updated 3 weeks ago

The gain reported in Lacerte for the sale of a partially owned asset is overstated

The sale of a depreciable asset that is partly owned or only used for a business makes a gain that is bigger than expected.

This is commonly due to the Sales Price being entered in full. Lacerte multiplies most of the fields, such as Cost, by the ownership or business use percentage. However, the Sales Price field assumes it's the business's portion of the sold asset, so it isn't reduced.

If the Sales Price was entered in full, reduce the amount entered to only reflect the portion attributable to the business.

Lacerte Tax

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