How to enter a bulk sale of oil and gas properties in Lacerte

Follow these steps to enter a bulk sale of oil and gas properties:

1. Go to the Oil and Gas screen:
   • Screen 21 (Individual)
   • Screen 16 (Partnership)
   • Screen 19 (Corporate)
   • Screen 19 (S corporate)
   • Screen 26 (Fiduciary)  
2. Select the main Property from the left panel (this will be the property you enter the sales price on).
3. Scroll down to the Sale of Property section.
4. Enter the Date sold (negative date = various) (MANDATORY).
5. Enter the Sales price.
6. Enter the Expense of sale (if applicable).
7. Select the next Property included in the bulk sale from the left panel.
8. Scroll down to the Sale of Property section.
9. Select the Property name or number containing sales price (if bulk sale) (Ctrl+T) (this should be the property from step 2).
10. Enter the Date sold (negative date = various) (MANDATORY) (this should be the same date as previously entered).
11. Repeat steps for each property included in the bulk sale.

Additional notes

• Without a cost or basis, the expenses will be the amount that shows on Line 21 of Form 4797, Page 2. There should be an amount in cost or basis in each of the properties, or else the gross proceeds from the sale of the oil and gas property will be: Sales Price - Expenses = Taxable Gain
• It's important to have the sales price on the first property in the sale with the other properties linked to it. Otherwise, the basis will be incorrect.