JinxyCat86
Level 1
12-07-2019
09:08 AM
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Does anyone know the Proseries input for the LTCG treatment when distributions exceed basis?
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poolcleaner
Level 9
12-07-2019
09:08 AM
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I have always entered in the Sch D worksheet with something like " Distribution in excess of basis XYX Corp" then entered it as long term with no dates and the amount of overage in the sale price.
JinxyCat86
Level 1
12-07-2019
09:08 AM
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Perfect - thanks!
poolcleaner
Level 9
12-07-2019
09:08 AM
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YW
abctax55
Level 15
12-07-2019
09:08 AM
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Same place you'd enter any capital gain (and it's generally a LTCG). NOT reported on F.1099-B, non- covered.
A PS user will stop by to give you the specifics (I use Lacerte...)
"*******Tax software is no substitute for a professional tax preparer*******
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JinxyCat86
Level 1
12-07-2019
09:08 AM
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Thank you, abctax55. This is helpful. I can take it from here!
abctax55
Level 15
12-07-2019
09:08 AM
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YVW....and I'm glad Jane stopped by with the PS specifics.
"*******Tax software is no substitute for a professional tax preparer*******
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