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Entering a sale of home for Form 1041 in ProConnect Tax
by Intuit• Updated 11 months 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 Input Return
- Select the Income, then Dispositions, then the Schedule D/4797/etc section.
- 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:
- Select the Income, then Dispositions, then the Schedule D/4797/etc section.
- 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 the [+] tab to add a second asset.
- Enter "Section 121" in the Description of property.
- Enter a 2 in, 1=short term, 2=long term [Override]
- Select Less Common Scenarios from the top tabs.
- Scroll down to the Overrides section.
- Enter the exclusion amount as a negative in Total gain (loss) [Override].
To claim Section 121 with a supporting statement:
- Select the Income, then Dispositions, then the Schedule D/4797/etc section.
- 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.
- Select Less Common Scenarios from the top tabs.
- Scroll down to the Overrides section.
- Click into the Total gain (loss) [Override] field and click the + to open a statement.
- 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.