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Reporting related party transactions in Lacerte

by Lacerte Tax 2023 Updated 3 months ago

Currently, you can only report related party transactions in Lacerte using Form 8824, Like-Kind Exchanges or Form 6252, Installment Sale Income. You can enter this information on the Dispositions or Deprecation screens. Select your module below for instructions.

Sometimes Part III of Form 6252 will not generate. This can be caused by a couple of things. There are circumstances when the "Related Part Information" (Form 6252, Part III) will not be completed.

  1. When the disposition date is over 2 years old. This occurs on a prior year installment sale. (See Form 6252, Line 4 instructions)
  2. When the final payment was received in the current tax year. (See Form 6252, Part III instructions)

Note: Lines 29-37 on the Form 6252 will only fill out if line 28 is checked yes.

Table of contents:

Individual

To report as a disposition:

  1. Go to Screen 17, Dispositions.
  2. Under the Section list in the left column, select Related Party Information (6252 and 8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

To report as depreciation:

  1. Go to Screen 22, Depreciation.
  2. Under the Section list in the left column, select Related Party Information (6252 and 8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Scroll down to Related Party Disposed of in the Current Year (6252/8824 only).
  5. Complete any applicable information under the subsection for the appropriate form.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Partnership

To report as a disposition:

  1. Go to Screen 19, Dispositions.
  2. Under the Section list in the left column, select Related Party Disposition.
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information for the appropriate form.

To report as depreciation:

  1. Go to Screen 14, Depreciation (4562).
  2. Under the Section list in the left column, select Related Party Disposition (6252/8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Scroll down to the Related Party Disposed of in the Current Year section.
  5. Complete any applicable information under the subsection for the appropriate form.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Corporate

To report as a disposition:

  1. Go to Screen 15, Dispositions (Sch. D/4797/etc.).
  2. Under the Section list in the left column, select Related Party Disposition.
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information for the appropriate form.

To report as depreciation:

  1. Go to Screen 21, Depreciation.
  2. Under the Section list in the left column, select Related Party Information (6252 and 8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

S-Corporate

To report as a disposition:

  1. Go to Screen 23, Dispositions (D, 4797, etc).
  2. Under the Section list in the left column, select the Related Party Disposition section.
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

To report as depreciation:

  1. Go to Screen 16, Depreciation (4562).
  2. Under the Section list in the left column, select Related Party Information (6252/8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Fiduciary

To report as a disposition:

  1. Go to Screen 22, Dispositions.
  2. Under the Section list in the left column, select the Related Party Disposition section:
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information for the appropriate form.

To report as depreciation:

  1. Go to Screen 27, Depreciation.
  2. Under the Section list in the left column, select Related Party Disposition (6252/8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Exempt Org.

To report as a disposition:

  1. Go to Screen 24, Dispositions.
  2. Under the Section list in the left column, select Related Party Disposition (6252 and 8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

To report as depreciation:

  1. Go to Screen 39, Depreciation.
  2. Under the Section list in the left column, select Related Party Disposition (6252/8824 only).
  3. Complete any applicable fields with information about the related party member.
  4. Complete any applicable information under the subsection for the appropriate form.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Refer to Pub 544 and Pub 537 for more information about reporting related party transactions.

Lacerte Tax

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