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Common questions about Dispositions in Lacerte

by Intuit•1• Updated 3 weeks ago

Table of contents:

‣ Sales and dispositions reporting (Form 4797, 1099-B, 1099-DA Form 8949, Schedule D)
‣ Installment sales (Form 6252)
   ↳ Generating Form 6252 for a current-year installment sale
   ↳ Entering a prior-year installment sale (Form 6252)
‣ Like-kind exchanges (Form 8824/1031)
   ↳ Entering a 1031 exchange from the Dispositions screen
‣ Casualties and thefts (Form 4684)
   ↳ Reporting gains and losses from casualty or theft on Form 4684
   ↳ Generating a Form 4684 casualty or theft loss (Individual)
   ↳ Why Form 4684, line 26 prints the line 20 amount
‣ Schedule D import
   ↳ Using the Schedule D Import Wizard
   ↳ 1099-B basis not reporting after import

Sales and dispositions reporting (Form 4797, 1099-B, Form 8949, Schedule D)

Use these resources for common disposition and capital gain reporting workflows.

Starting in tax year 2025, you may begin receiving Form 1099-DA for your Digital Assets. In most cases, cryptocurrency or virtual currency is reported on the tax return in the same manner as property such as stock or other capital gains or losses.

Installment sales (Form 6252)

Use this section for installment sales entered through Dispositions and how to get Form 6252 to generate.

Generating Form 6252 for a current-year installment sale

  • Go to the applicable Dispositions screen (module-specific) and add/select the asset being disposed.
  • Enter the disposition basics (description, date acquired, date sold, sales price, cost/basis, expenses of sale).
  • Complete the current-year installment sale inputs so Lacerte treats the disposition as an installment sale and generates Form 6252.
  • Review Form 6252 and any related worksheets on the Forms tab.

Entering a prior-year installment sale (Form 6252)

  • Go to the applicable Dispositions screen (module-specific) and add/select the related disposition.
  • Enter prior-year installment sale details (for example, gross profit ratio and current-year principal payments) so the current year reports correctly.
  • If applicable, enter prior-year payment history in the worksheet grid so it carries to the correct Form 6252 lines.
  • Review Form 6252 and the principal payment worksheet (if generated).

Like-kind exchanges (Form 8824/1031)

Use this section when entering a like-kind exchange (1031) from the Dispositions screen so the correct forms and calculations generate.

Entering a 1031 exchange from the Dispositions screen

  • Go to the Dispositions screen for the applicable module and add/select the relinquished property.
  • Enter the disposition details for the relinquished property.
  • Complete the like-kind exchange inputs for the transaction (exchange details, replacement property, boot, and other required fields as applicable).
  • Review the generated output (including Form 8824, if applicable for the return type) and related worksheets for deferred gain and basis.

Casualties and thefts (Form 4684)

Use this section for casualty/theft entries and troubleshooting Form 4684 output.

Reporting gains and losses from casualty or theft on Form 4684

  • Enter the casualty/theft event in the applicable casualty/theft input section (commonly under Dispositions and/or Depreciation, depending on the type of property).
  • Enter required details such as basis, insurance or other reimbursements, and fair market values, as applicable.
  • Review Form 4684 and supporting worksheets on the Forms tab to confirm amounts are flowing to the correct section.

Generating a Form 4684 casualty or theft loss (Individual)

  • In the Individual module, enter the casualty/theft event details in the appropriate input area.
  • Complete entries that affect the loss computation (FMV, basis, reimbursements, and applicable limitations).
  • Verify Form 4684 generates and review the computed loss and any related worksheets.

Why Form 4684, line 26 prints the line 20 amount

Line 26 may print the line 20 amount when the program treats the property as totally destroyed or lost from theft. This behavior is commonly triggered when the Fair market value after casualty or theft field is 0 or left blank.

  • Locate the Fair market value after casualty or theft field in either:
    • Screen 17, Dispositions, under the Casualties and Thefts (4684) section; or
    • Screen 22, Depreciation, under the Casualty or Theft (4684) section.
  • Enter a nonzero value (for example, 1) to force the form to use the “lesser of” logic where applicable.

Schedule D import

Use this section to import Schedule D transactions and troubleshoot common basis/mapping issues.

Using the Schedule D Import Wizard

The Schedule D Import Wizard allows you to import Schedule D data from an Excel spreadsheet or a comma-delimited file (CSV).

  • Open the wizard (any of the following):
    • Client menu > Import > Schedule D Import
    • Tools > Import/Export Data > Schedule D Import
    • From Screen 17, Dispositions > Schedule D Import button
  • Step 1: Browse to the file and select import options (add/replace/clear).
  • Step 2: Select the worksheet and map each column heading to the correct Lacerte input field.
  • Step 3: Review the preview and select Finish to import.

1099-B basis not reporting after import

  • Confirm the basis/cost column exists in your import file and is mapped to the correct basis field during the “Set up the data” step.
  • If the issue is related to whether basis was “reported to the IRS,” confirm the transaction’s basis-reporting status is set correctly after import (this can affect how the transaction is presented on forms/worksheets).
  • Re-import after correcting mapping/status and recheck Schedule D/Form 8949 outputs.

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