sterlingcpa
Level 1
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Best Answer Click here
Labels
sjrcpa
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I think Lacerte's default for rental property is that it does not qualify for the deduction.
Ex-AllStar
George4Tacks
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@sjrcpa I just used DemoData 01SAMPLE with today's update. It adds lines 1 and 2 to get 20Z. I can't seem to find a magic button to make it NOT 199A. The 1040 has one to make it 199A. I think S-Corp works the same way, but have not tested it yet.
Forms are not yet final yet. Maybe @Ashley at Intuit (aka Henry Jr) can get some input from the Lacerte know it alls.
Here's wishing you many Happy Returns
Forms are not yet final yet. Maybe @Ashley at Intuit (aka Henry Jr) can get some input from the Lacerte know it alls.
Here's wishing you many Happy Returns
sjrcpa
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Maybe that default is only for individuals. https://accountants-community.intuit.com/questions/1789821-s-corp-non-199a-rental
Ex-AllStar
Ex-AllStar
abctax55
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That's what their notice said; but I *think* I heard that PS is making the opposite assumption.
I haven't had a chance to see what today's update is doing/not doing..
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
sjrcpa
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Neither have I
Ex-AllStar
Ex-AllStar
abctax55
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Maybe this weekend?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
sjrcpa
Level 15
12-06-2019
07:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'm doing fun nontax stuff this weekend
Ex-AllStar
Ex-AllStar