stendec
Level 1
12-07-2019
09:05 AM
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k1 passive loss of -9000, sec 1231 gain. Turbo tax allowed the Loss, Lacerte sent loss to "Disallowed Loss on 8582. which is correct ?
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abctax55
Level 15
12-07-2019
09:05 AM
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There are two lines on Screen 20.x for entering gains & losses. DID you use the one that says "passive"? Which is what Susan asked 17 hours ago...
"It showed on Sch D" is not an answer to where you entered it.
"*******Tax software is no substitute for a professional tax preparer*******
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stendec
Level 1
12-07-2019
09:05 AM
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This is the Answer ! and I appreciate your input . I did NOT enter this as Passive. My error. Lacerte got a copy of this return, and looked at it, they did not suggest that Correct Answer
abctax55
Level 15
12-07-2019
09:05 AM
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YVW
I learned this one the hard way, years ago.
I learned this one the hard way, years ago.
"*******Tax software is no substitute for a professional tax preparer*******
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sjrcpa
Level 15
12-07-2019
09:05 AM
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Glad you figured it out.
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stendec
Level 1
12-07-2019
09:05 AM
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thanks So Very Much, SJR and ABCTAX, I guess I am quite surprised Lacerte support did not see this, as I sent them a copy of the return. she spent 15 minutes on this. By god, I am still in the process of memorizing the 50,000 pages of THE CODE. when I get there, I won't be making any more errors. Truly, I learn something new out here every week. Really appreciate you
sjrcpa
Level 15
12-07-2019
09:05 AM
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You're welcome.
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sjrcpa
Level 15
12-07-2019
09:05 AM
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Don't try to memorize the Code. It changes.
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stendec
Level 1
12-07-2019
09:05 AM
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thanks, SJR, I had no idea. instead I will memorize the logarithm tables. , base 10. this will be easier than THE CODE
poolcleaner
Level 9
12-07-2019
09:05 AM
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But logarithm tables are more fun!
George4Tacks
Level 15
12-07-2019
09:05 AM
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Do you know why the adders (you know, the snakes) were not able to multiply?
They didn't know logarithms.
Here's wishing you many Happy Returns
They didn't know logarithms.
Here's wishing you many Happy Returns
poolcleaner
Level 9
12-07-2019
09:05 AM
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:laughing:
sjrcpa
Level 15
12-07-2019
09:05 AM
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Turdo tax. If the 1231 gain is passive, the passive loss can be used. How did you enter the 1231 gainin Lacerte?
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stendec
Level 1
12-07-2019
09:05 AM
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I had to log in. I don't know if you saw my reply or not. the 1231 gain is shown on Sch D. Lacerte said, of course, that Lacerte is correct, and T Tax is wrong. who knows?
George4Tacks
Level 15
12-07-2019
09:05 AM
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@stendec You may not have done the entries correctly. sjrcpa asked a question that you did not answer.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
sjrcpa
Level 15
12-07-2019
09:05 AM
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Yes. GIGO.
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abctax55
Level 15
12-07-2019
09:05 AM
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:+1:
"*******Tax software is no substitute for a professional tax preparer*******
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