Intuit HelpIntuit
The gain reported in Lacerte for the sale of a partially owned asset is overstated
by Intuit• Updated 3 months 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.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Entering a sale of home for Form 1041 in ProConnect Taxby Intuit•7•Updated almost 2 years ago
- Reporting a sale of home on an individual return in ProConnectby Intuit•194•Updated over 2 years ago
- Entering Sale of Capital Assets in tax year 2019 and prior in ProSeriesby Intuit•65•Updated 1 week ago
- Common questions on the Asset Entry Worksheet in ProSeriesby Intuit•142•Updated October 10, 2024