Intuit HelpIntuit
Entering disposition of rental activity with multiple depreciable assets
by Intuit•1• Updated 2 years ago
How do you enter a disposition of a rental activity with multiple depreciated assets in Lacerte?
How to enter a disposition of rental activity
There are several ways to dispose of activities in Lacerte, but for assets reported on Screen 22, Depreciation, the easiest way is to enter them as a Bulk Sale:
- Go to Screen 22, Depreciation.
- Select the primary asset that you want to dispose of (For example, a Rental Home).
- Scroll to the General Disposition Information section.
- Enter the Date sold, disposed, or retired (MANDATORY).
- Enter the Basis Adjustment (if applicable).
- Enter the Expenses of sale (if applicable).
- Scroll down to the Sale of Asset (4797/6252) section.
- Enter the Sales Price (-1 = none).
- This is the total sales price for all the assets included in the disposition.
- Locate the Miscellaneous subsection.
- Enter a 1 or 2 in 1 = complete disposition of passive activity, 2 = partial (triggers 8582).
- Select the next Asset that you want to dispose of (For example, Land).
- Scroll down to General Disposition Information section.
- Enter the Date sold, disposed, or retired (MANDATORY).
- Select the main asset from the Bulk sale (multi-asset) disposition: select the asset containing dispositions amount (Ctrl+T) from the dropdown menu. Don't enter any sales information on this asset.
- Repeat steps 11–14 for all assets associated with this disposition.
See Generating Form 8582 Passive Activity Loss Limitations for an Individual Return for more information.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Common questions on the Asset Entry Worksheet in ProSeriesby Intuit•142•Updated October 10, 2024
- How to retire or dispose depreciable assets without a gain or lossby Intuit•7•Updated over 2 years ago
- Common questions about Corporate Depreciation Asset Disposition in Lacerteby Intuit•9•Updated over 2 years ago
- Limit passive loss allowed on Form 8582 to property being disposed in ProConnectby Intuit•2•Updated over 2 years ago