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Entering a sale of home for Form 1041 in Lacerte
by Intuit•1• Updated 1 year ago
Entering a sale of home in the Fiduciary module differs from an individual (1040) return. First, you'll need to determine whether to report any gain or loss from the sale.
To report a gain or loss from sale on a fiduciary return:
- Go to Screen 22, Dispositions.
- Enter the Description of Property.
- Enter the Date Acquired.
- Enter the Date Sold.
- Enter the Sales Price.
- Enter the Cost Basis.
- Complete any other applicable entries.
There's no guidance on how to report a Section 121 exclusion on Form 1041. If you determine Section 121 is allowed on your fiduciary return, you must manually enter the exclusion using one of the following two methods:
To claim Section 121 without generating a statement:
- Go to Screen 22, Dispositions
- Enter the information about the sale:
- Enter the Description of Property
- Enter the Date Acquired
- Enter the Date Sold
- Enter the Sales Price
- Enter the Cost Basis
- Complete any other applicable entries.
- Click Add from the left navigation panel.
- Enter "Section 121" in the Description of Property.
- Enter a 2 in, 1=short term, 2=long term [O] under the Dispositions section.
- Scroll down to the Overrides section.
- Enter the exclusion amount as a negative in Total gain (loss) [O].
To claim Section 121 with a supporting statement:
- Go to Screen 22, Dispositions.
- Enter the information about the sale:
- Enter the Description of Property
- Enter the Date Acquired
- Enter the Date Sold
- Enter the Sales Price
- Enter the Cost Basis
- Complete any other applicable entries.
- Scroll down to the Overrides section.
- Hold down Ctrl+ E in, Total gain (loss) [O].
- Select Statement under the Print as section.
- Enter the Description and full amount of gain in the Amount column.
- Enter the Description for the Section 121 exclusion with the amount of exclusion entered as a negative in the Amount column.
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