How to enter a sale or disposition of assets in Lacerte

If the asset is on the Depreciation screen:

1. Go to the Depreciation (4562) screen:
   • Screen 22 (Individual)
   • Screen 14 (Partnership)
   • Screen 21 (Corporate)
   • Screen 16 (S Corporate)
   • Screen 27 (Fiduciary)
   • Screen 39 (Exempt organization)
2. If the asset isn't already entered, refer to Entering a depreciable asset in Lacerte.
3. Select the Asset from the left panel.
4. Scroll down to the General Disposition Information section.
5. Enter the Date sold (MANDATORY).
6. Enter the Expenses of sale (if applicable).
7. Scroll down to the Sale of Asset (4797/6252) section.
8. Enter the Sales price.
9. Enter any other information that applies to the sale.
10. Repeat steps for each asset being sold.

For a partial disposition, enter a percentage or amount in, Percentage (.xx) or amount of basis sold

When disposing of a portion of an asset, enter the percentage of basis as a decimal or enter the amount of the basis that is being disposed.  Do not enter 1.  The program will treat only the portion entered as a disposition and the remaining portion will remain in the program for future depreciation.  The remaining portion will be reflected on the depreciation schedules in the same listing as the original asset.

Note: This field is not to be used for like-kind exchanges.

Entering the sale on the Dispositions screen

If the asset is not entered on the depreciation screen you'll want to use the Disposition screen to enter the sale.

1. Go to the Dispositions screen:
   • Screen 17 (Individual)
   • Screen 19 (Partnership)
   • Screen 23 (S Corporate)
   • Screen 15 (Corporate)
   • Screen 22 (Fiduciary)
   • Screen 24 (Exempt organization)
2. Select Add to create a new sale from the left panel.
   • To enter the basic information of the sale using the Grid input:
     1. Enter the Quantity (if applicable).
     2. Enter the Description of Property.
     3. Enter the Date Acquired.
     4. Enter the Date Sold.
     5. Enter the Sales Price.
     6. Enter the Cost or Basis.
     7. Enter the Expense of sale.
   • To enter the sale information not using the Grid input:
     1. Locate the Dispositions section.
     2. Enter the Quantity (if applicable).
     3. Enter the Description of Property.
     4. Enter the Date Acquired.
     5. Enter the Date Sold.
3. Scroll down to the Schedule D section.
   1. Enter the Sales Price.
   2. Enter the Cost or Basis.
   3. Enter the Expense of sale.
4. Enter any other information that applies to the disposition.
5. Scroll down to the Form 4797 section (if applicable).
6. Enter a -1 or an amount in Depreciation Allowed (-1 = None, Triggers 4797) (if applicable).
7. Enter any other information for the disposition.
8. Repeat steps for each disposition of a business asset.

In most cases cryptocurrency or virtual currency is reported on the tax return in the same manner as property such as stock or other capital gains or losses. See Frequently Asked Questions on Virtual Currency and Digital Assets Transactions for the IRS guidelines. If you are reporting Digital Assets transactions in the 1040 return, be sure to mark the Yes box on the At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? question.

Related topics

• How to enter a bulk sale of assets in Lacerte
• Entering a 1099-B in Lacerte
• Generating Form 8949, column (f) for various codes
• Reporting a sale of home on an individual return in Lacerte