jimgsabbatini's Posts

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jimgsabbatini's Posts

Here is the dilemma the only way to claim the loss for California is to source it to California in Lacerte.  However eventually the real property will be sold so I want to file a return for Illinois... See more...
Here is the dilemma the only way to claim the loss for California is to source it to California in Lacerte.  However eventually the real property will be sold so I want to file a return for Illinois reporting the loss. What if I want to use an Illinois Net Loss Deduction (NLD) but failed to file the loss year return? You must file the return that generates the loss prior to claiming the loss. The return that generates the loss can be filed at any time for purposes of establishing the loss, but no credit or refund will be issued on a return that is filed three (3) or more years past the extended due date. If you file your loss return three (3) years or more past the extended due date of the return, you will be entitled to claim the loss for NLD purposes, but you will not be entitled to a refund or credit of any overpayment calculated on the loss return.  Do I have do a separate REP and just file an Ilinois return ?
My question is non passive Rental losses: I apportioned the interest and dividends between California and Texas that were received before and after March 1. He had business income in California of ... See more...
My question is non passive Rental losses: I apportioned the interest and dividends between California and Texas that were received before and after March 1. He had business income in California of $462,000 He had non passive rental losses from Illinois (Real Estate Professional with material participation) of ($435,000) from 2 Illinois K-1. In Lacerte I want to claim the losses For California to offset his income and I want to file Illinois returns so that I can use the losses against  eventual sales of the rental property. To get an Illinois return I sourced the rental loss to Illinois but  then Lacerte adds back the losses to  California income. I know California taxes worldwide income, so I assume they would allow losses from other states, but I can't record the losses on both the California return and Illinois return. Does California Allow losses that are sourced to another state ?  They sure would tax the income. I have not found the trick to do this in Lacerte.
I have a client who is a Real Estate Professional. However with a certain rental activity he has not materially participated.  On the K-1 I answer the question that he is a Real Estate professional. ... See more...
I have a client who is a Real Estate Professional. However with a certain rental activity he has not materially participated.  On the K-1 I answer the question that he is a Real Estate professional.    I do not include any hours and I do not check that it is a passive activity or non passive activity.  Lacerte just assumes because I checked he is a real estate professional that the loss is allowable. My understanding is that he still must materially participate. The Real Estate professional is just allowed to group activities.  What am I misssing ?
Where do you enter foreign taxes withheld on dividend from a 1099 B on Lacerte partnership ? 
I have never run across his before. I have a husband and wife who have covered California Health insurance and they cover their daughter who AGI of 8,550. I am getting an error that I need to allocat... See more...
I have never run across his before. I have a husband and wife who have covered California Health insurance and they cover their daughter who AGI of 8,550. I am getting an error that I need to allocate premiums and advance payments to the daughter. I have already filed the parents return. What is the strategy ? 
So for 2 days I have been trying to update lacerte with no success it stops at 21 Winops Library.   Started it again last night before I left and it stop at 21 Winops Library when I came to the off... See more...
So for 2 days I have been trying to update lacerte with no success it stops at 21 Winops Library.   Started it again last night before I left and it stop at 21 Winops Library when I came to the office this morning.    Lacerte alway has wait times longer than expected. 
How many people are having issues with Lacerte Billing ? Every year in December I prepay an amount on my REP usually in the amount of $3500-3700. Last year I paid $3700 in December and they applied i... See more...
How many people are having issues with Lacerte Billing ? Every year in December I prepay an amount on my REP usually in the amount of $3500-3700. Last year I paid $3700 in December and they applied it to their old accounting system so they wanted to refund the amount. I asked them to just credit it to my account. They could not do it. So they wanted me to send another check, I said refund my check and I will ach the amount once I receive your check. However they will not send the the check for 30 days but wanted me to pay now. They already had my money and were going to deny me REP.  Now two months ago I owed them .01 cent and received a bill for $01. I just dismissed and thought I would pay it next month. Then I receive an email saying they were going to cutoff my REP processing and guess what they did for 1 cent. I call them and said every year I prepay my REP for the last 20 years and I have a credit balance in my REP until July or August. They apologized but they make you stay on the line with them until they can get a manager to authorize the $.01 write off. So I think everything is okay and now I get a bill for $50 reconnect penalty and .$.86 Unpaid balance fee which must be on the 1 Cent. How Ridiculous !!!  
Lacerte billing has been a nightmare. I can send a check the day after I receive the invoice and I get an email saying my account is late.  Last year I sent them a $3500 prepayment in December and th... See more...
Lacerte billing has been a nightmare. I can send a check the day after I receive the invoice and I get an email saying my account is late.  Last year I sent them a $3500 prepayment in December and they said they had to refund it and I had to send a new payment because they changed accounting systems and couldn't credit it to my account. However there policy is not send out checks for 30 days, so I had send them a new check to keep my account current because they do not refund checks for 30 days. ??? Now they are threatening to cancel my account because I am late on $.01 which I would pay with my next bill. Alert icon Final notice Unfortunately, your REP and eFile services will be disabled soon. Customer number: *6405 Account status: Past Due Amount due: $0.01 Due date: Dec 4, 2021  Since I usually send a large prepayment in December I am overpaid going into May of each year.  I have been Lacerte for a good 25 years and they are going to cancel my account for $.01 that would be paid with next months bill. This is beyond ridiculous.  
On the individual modules there is a box to put a PPP loan in  at the end of the Schedule C or Schedule F. I do not see such a box for the Partnership returns. How are you reflecting this in the par... See more...
On the individual modules there is a box to put a PPP loan in  at the end of the Schedule C or Schedule F. I do not see such a box for the Partnership returns. How are you reflecting this in the partnership for California in case California does not adopt the Federal rules.  
I cannot get Lacerte to recognize the annualization of AGI and use on the 2210 F . What is the trick ?
I have  a California LLC with a $5100 refund. However I cannot get Lacerte to do a direct deposit. On efile it says paper check. Does anybody know if you can get a LLC direct deposit from California ... See more...
I have  a California LLC with a $5100 refund. However I cannot get Lacerte to do a direct deposit. On efile it says paper check. Does anybody know if you can get a LLC direct deposit from California through lacerte ?
I have a K-1 deduction for 743 Depreciation coming from a Partnership 13V. On the Individual  imput I do not see where to put it. On the Line 13 deductions a V code is not provided
How do you enter a 1031 in Tax Planner ? In the program on dispositions they have an 8824 section. However I do not see that in the Tax Planner
Does Lacerte prepare 1120 IC DISC ? 
So I filed the clients 1040 and he just received a K-1 that I didn't know he had.  I can file it within the proper filing period so is it a Superceding return or an Amended return ?  If its not an am... See more...
So I filed the clients 1040 and he just received a K-1 that I didn't know he had.  I can file it within the proper filing period so is it a Superceding return or an Amended return ?  If its not an amended return how do you file a superceding return with Lacerte ?
Just looking for any tips
I have not run CL PACK yet but I have printed all the instructions. My issue now is very slow internet in the morning. Internet crawls at a snails pace. At this time in the morning I cannot open eith... See more...
I have not run CL PACK yet but I have printed all the instructions. My issue now is very slow internet in the morning. Internet crawls at a snails pace. At this time in the morning I cannot open either Lacerte or quickbook programs. In about an hour and a half, my internet starts working at full speed, I can then get into Lacerte. My issue now I think is to try to figure out why internet is slow in the morning snail pace and then speeds up. I can use lacerte and quickbooks all day. However the next morning it groundhogs day all over again and I relive the same problem. Slow internet and not able to get into Lacerte and QB so I am thinking more of a windows problem that seems to clear up in time. If internet starts working consistently and i have the problem I will have tech support walk me through CLPack. Thank you so much for your concern.     
Today I tried to open clients in my Lacerte individual program and on every client I tried to open I get an error message that the   DETAIL FILE IS MISSING OR DAMAGED. This includes tax returns that ... See more...
Today I tried to open clients in my Lacerte individual program and on every client I tried to open I get an error message that the   DETAIL FILE IS MISSING OR DAMAGED. This includes tax returns that I have recently completed. The detail file is not missing so I assume that somehow the file has become corrupted. Does anybody know if Lacerte has a file  repair tool ? They must have terrible whether wherever Technical support is located. Everytime I call I get a message that due to IN climate weather they are experiencing long wait times and then the wait maybe more than an hour. But I know that Lacerte cares for me as a customer.  
I got all the same errors. Lacerte tech support was no help. I bet you cannot open your Quickbooks either.  I googledthe error and found that their was an issue in a 2017 Lacerte year. They called it... See more...
I got all the same errors. Lacerte tech support was no help. I bet you cannot open your Quickbooks either.  I googledthe error and found that their was an issue in a 2017 Lacerte year. They called it TLS 1.2 protcol error. In Internet explorer my TLS 1.2 was checked like it was suppose to be.   However as I kept reading they said Make sure you have the Latest Internet Explorer downloaded. When I downloaded the latest internet explorer 11.0 it fixed the error. Microsoft and Dell wanted me to reset my windows and lose all my programs. So far downloading the latest internet explorer worked for me. There must have been some corruption to the TLS 1.2 Good luck as I had been battling this for almost a week. 
So I click on the Icon and it tries to  open but never opens. Then it quits responding and says its reporting the problem to Microsoft. When you call Technical support there is over an hour wait and... See more...
So I click on the Icon and it tries to  open but never opens. Then it quits responding and says its reporting the problem to Microsoft. When you call Technical support there is over an hour wait and they don't have a call back option. Just tried my 2018 Icon and the splash screen comes up but then it fails to respond and then closes. Now I see on QuickBooks programs will not open. But all other programs work instantly including Microsoft Office, Word Perfect, Adobe, TV of money. It seems this problem is isolated to Intuit programs. Any suggestions would be sincerely apprei