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Common questions about Corporate Farm Activities in Lacerte

by Lacerte Tax 2023 Updated 10 months ago

Common questions about entering farm income and expenses:

  1. Open Screen 17, Farm Activities.
  2. In each applicable field for income, press CTRL+E. The Supporting Detail dialog box appears.
  3. Enter the income in the Amount column for each applicable state.
  4. Enter the state abbreviation or select the state from the drop down box in the state column for each applicable state.

Note: If you don't see the state you are looking for, you must add the state on the Client Information screen.

  1. Open Screen 17, Farm Activities.
  2. In the Section list, select Other Farm Expenses.
  3. Click the button beside Other (Ctrl+E).
  4. In the Other Farm Expenses dialog box, enter the description and full amount of preproductive expenses and click OK.
  5. In the Section list, select Preproductive Period Expenses.
  6. In Capitalized Preproductive Period Expenses, enter the preproductive period expenses that the corporation capitalized.

Note: This amount prints on the Farm Worksheets with the description "263A," and reduces "Other Farm Expenses".

  1. Open Screen 17, Farm Activities.
  2. In the Activity list, select the number assigned to the farm or farm rental activity.
  3. Click the Depreciation button at the top of the screen.
  4. In the Section list, select Federal Depreciation.
  5. Click the arrow beside Form Number (Ctrl+T) and verify the farm activity.
  6. Verify the activity number in Activity Name or Number (e.g. 3 = 3rd Farm Activity).

Related topics:

Lacerte Tax

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