Intuit HelpIntuit
Entering IRC Section 751 Gains and Losses in the Individual module in Lacerte
by Intuit•1• Updated 2 months ago
To enter IRC Section 751 Gains and Losses:
- Go to Screen 17.1, Dispositions.
- Enter two transactions, one for the ordinary income and one for the capital gains income.
- NOTE: the ordinary income transaction must be SHORT TERM to show on line 14 of the 1040. Use 1 = short-term [O] if needed.
- If the partnership was held for more than one year, on the ordinary income transaction, enter a 1 in the field, 1 = short-term, 2 =long-term [O], this will move the transaction into Part 2 of the Form 4797.
- NOTE: A depreciation allowed entry is required to activate the 4797 on screen 17 code 30. Enter -1 for zero depreciation.
- If these transactions are related to a K-1, go to the section Corresponding Activity Information - Passive (8582) / At-Risk (6198) / Investment Tax (8960).
- NOTE: Prior to 2013 this section is titled Related Activity Information - Passive (8582) / At-Risk (6198).
- In the field Form number of related activity (Ctrl+T), choose Schedule E (partnership).
- In the field Activity name or number, choose the partnership K-1 that it belongs to.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Entering IRC Section 988 Gain or Loss Transaction in Lacerteby Intuit•7•Updated September 17, 2024
- Entering a K-1 capital gain (loss) and ordinary gain (loss) in ProConnect Taxby Intuit•3•Updated over 1 year ago
- How to allocate partnership CA 1231 gain/loss in Lacerteby Intuit•2•Updated July 12, 2024
- Reporting gains and losses from casualty or theft on Form 4684 in Lacerteby Intuit•79•Updated August 07, 2024