George4Tacks
Level 15

I am inferring that you are doing a 1065, since you mention K-1, so my answers will refer to partnership screen numbers.

1. Be sure to do Screen 52 to include Form 8594 - "if  I allocate $60K of the $84,964.56 received this year to the asset sale" - WHAT DOES THE SALES CONTRACT SAY?

2.  I think you may need three installment sales, Assets (4797) - Goodwill (Sched D Cap Gail) - Covenant NTC (Ordinary income)

3.  "I am filling out the depreciation page and not getting it to work" Is this the first year this return is in Lacerte? Are you entering the sale through the depreciation Screen 14?  Answering this will help to answer the discrepancy. 

4. Yes, Goodwill and Covenant go separately in screen 19.

 


Here's wishing you many Happy Returns