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Entering a Bulk Sale of Assets in Lacerte

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Intuit

Entering a Bulk Sale of Assets in Lacerte

How do I enter a Bulk Sale in the Depreciation Screen?

Solution

  1. Go to Screen 22, Depreciation (4562) (If the assets have not already been entered, enter all pertinent information for each of the assets).
  2. Click on the main asset of the bulk sale from the left navigation panel.Note: When selling a building, land, and improvements, use the building as the main asset. In all other situations, use the lowest numbered asset as the main asset.  For example, if Assets 10, 11 and 12 are being sold in a bulk sale, use Asset 10 as the main asset
  3. Scroll down to the General Disposition Information section.
  4. Enter a date in Date sold, disposed, retired (code 16).
  5. Scroll down to the Sale of Asset (4797/6252) section.
  6. Enter the total sales price in Sales price (code 61).

    Note: the Sales Price should only be entered on the main asset.

  7. Click on the next asset in the bulk sale from the left navigation panel.
  8. Scroll down to the General Disposition Information section.
  9. Enter the date sold in Date sold, disposed, retired (code 16) (The date sold should be the same as Step 4).
  10. Enter the asset number for the main asset in Bulk sale (multi-asset disposition: select the asset containing disposition amounts. (Ctrl+T) (code 80).
  11. Repeat Steps 7-10 for each subsequent asset.

Note: If the box Form 4797, Part I [O] is checked in the Sale of Asset (4797/6252) section for the main asset of the bulk sale, the Form 4797, page 2 will not generate.  A green WKS: Bulk Sale link will appear next to Form 4797, page 1, line 3.

  1. Go to Screen 14, Depreciation (4562) (If the assets have not already been entered, enter all pertinent information for each of the assets).
  2. Click on the main asset of the bulk sale from the left navigation panel.Note: When selling a building, land, and improvements, use the building as the main asset. In all other situations, use the lowest numbered asset as the main asset.  For example, if Assets 10, 11 and 12 are being sold in a bulk sale, use Asset 10 as the main asset
  3. Scroll down to the General Disposition Information section.
  4. Enter a date in Date sold, disposed, retired (code 16).
  5. Scroll down to the Sale of Asset (4797/6252) section.
  6. Enter the total sales price in Sales price (code 61).

    Note: the Sales Price should only be entered on the main asset.

  7. Click on the next asset in the bulk sale from the left navigation panel.
  8. Scroll down to the General Disposition Information section.
  9. Enter the date sold in Date sold, disposed, retired (code 16) (The date sold should be the same as Step 4).
  10. Enter the asset number for the main asset in Bulk sale (multi-asset disposition: select the asset containing disposition amounts. (Ctrl+T) (code 80).
  11. Repeat Steps 7-10 for each subsequent asset.

Note: If the box Form 4797, Part I [O] is checked in the Sale of Asset (4797/6252) section for the main asset of the bulk sale, the Form 4797, page 2 will not generate.  A green WKS: Bulk Sale link will appear next to Form 4797, page 1, line 3.

  1. Go to Screen 21, Depreciation (4562) (If the assets have not already been entered, enter all pertinent information for each of the assets).
  2. Click on the main asset of the bulk sale from the left navigation panel.Note: When selling a building, land, and improvements, use the building as the main asset. In all other situations, use the lowest numbered asset as the main asset.  For example, if Assets 10, 11 and 12 are being sold in a bulk sale, use Asset 10 as the main asset
  3. Scroll down to the General Disposition Information section.
  4. Enter a date in Date sold, disposed, retired (code 16).
  5. Scroll down to the Sale of Asset (4797/6252) section.
  6. Enter the total sales price in Sales price (code 61).

    Note: the Sales Price should only be entered on the main asset.

  7. Click on the next asset in the bulk sale from the left navigation panel.
  8. Scroll down to the General Disposition Information section.
  9. Enter the date sold in Date sold, disposed, retired (code 16) (The date sold should be the same as Step 4).
  10. Enter the asset number for the main asset in Bulk sale (multi-asset disposition: select the asset containing disposition amounts. (Ctrl+T) (code 80).
  11. Repeat Steps 7-10 for each subsequent asset.

Note: If the box Form 4797, Part I [O] is checked in the Sale of Asset (4797/6252) section for the main asset of the bulk sale, the Form 4797, page 2 will not generate.  A green WKS: Bulk Sale link will appear next to Form 4797, page 1, line 3.

  1. Go to Screen 16, Depreciation (4562) (If the assets have not already been entered, enter all pertinent information for each of the assets).
  2. Click on the main asset of the bulk sale from the left navigation panel.Note: When selling a building, land, and improvements, use the building as the main asset. In all other situations, use the lowest numbered asset as the main asset.  For example, if Assets 10, 11 and 12 are being sold in a bulk sale, use Asset 10 as the main asset.
  3. Scroll down to the General Disposition Information section.
  4. Enter a date in Date sold, disposed, retired (code 16).
  5. Scroll down to the Sale of Asset (4797/6252) section.
  6. Enter the total sales price in Sales price (code 61).

    Note: the Sales Price should only be entered on the main asset.

  7. Click on the next asset in the bulk sale from the left navigation panel.
  8. Scroll down to the General Disposition Information section.
  9. Enter the date sold in Date sold, disposed, retired (code 16) (The date sold should be the same as Step 4).
  10. Enter the asset number for the main asset in, Bulk sale (multi-asset disposition: select the asset containing disposition amounts. (Ctrl+T) (code 80).
  11. Repeat Steps 7-10 for each subsequent asset.

Note: If the box Form 4797, Part I [O] is checked in the Sale of Asset (4797/6252) section for the main asset of the bulk sale, the Form 4797, page 2 will not generate.  A green WKS: Bulk Sale link will appear next to Form 4797, page 1, line 3.

  1. Go to Screen 27, Depreciation (4562) (If the assets have not already been entered, enter all pertinent information for each of the assets).
  2. Click on the main asset of the bulk sale from the left navigation panel.Note: When selling a building, land, and improvements, use the building as the main asset. In all other situations, use the lowest numbered asset as the main asset.  For example, if Assets 10, 11 and 12 are being sold in a bulk sale, use Asset 10 as the main asset.
  3. Scroll down to the General Disposition Information section.
  4. Enter a date in Date sold, disposed, retired (code 16).
  5. Scroll down to the Sale of Asset (4797/6252) section.
  6. Enter the total sales price in Sales price (code 61).

    Note: the Sales Price should only be entered on the main asset.

  7. Click on the next asset in the bulk sale from the left navigation panel.
  8. Scroll down to the General Disposition Information section.
  9. Enter the date sold in Date sold, disposed, retired (code 16) (The date sold should be the same as Step 4).
  10. Enter the asset number for the main asset in Bulk sale (multi-asset disposition: select the asset containing disposition amounts. (Ctrl+T) (code 80).
  11. Repeat Steps 7-10 for each subsequent asset.

Note: If the box Form 4797, Part I [O] is checked in the Sale of Asset (4797/6252) section for the main asset of the bulk sale, the Form 4797, page 2 will not generate.  A green WKS: Bulk Sale link will appear next to Form 4797, page 1, line 3.

Additional Information Regarding Land:

When disposing of a building which includes land, a few different situations may occur:

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