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Schedule M-1 gain or loss on installment sale dispositions with prior section 179 in Lacerte
by Intuit• Updated 3 months ago
When assets with prior section 179 have been disposed of with a current year installment sale Lacerte generates the Schedule M-1 adjustment using the following calculation:
- Sales Price
- Plus: Adjusted basis, calculated as:
- Cost/Basis
- Minus: Previous Section 179 Expense
- Minus: Depreciation Allowed/Allowable
- Minus: Gross Profit (6252, Line 16)
- Plus: Installment Sale Income (6252, line 24)
If you want to adjust or remove the M-1 adjustment, you can override the amount by:
- Open the return to the Detail tab
- Go to the Schedule M-1 screen:
- Partnership: Screen 27.1
- S-Corporation: Screen 31.1
- Scroll down to the Income Recorded on Books Not Included on Schedule K (-) section
- Enter the Gain (loss) on dispositions of section 179 assets [O]
- -1 can be used to remove the amount
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