I'm trying to pull some reports from our listing of clients in Lacerte and I need to pull out everyone who had a sale of home. I cannot find where that option is in the big list of stuff to add to your export.
In Lacerte, there is a Worksheet created for Sale of Home to calculate if gain/loss and/or exclusion (§121). There is also a couple check boxes on the Dispositions pages of the home asset to designate it as sale of home and to allow the full exclusion. Where are these? I don't want to click through each of the 500+ clients to search!
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I normally would wait to see if anyone else chimes in, but I looked and looked and didn't see anything. You're message reinforces my search. Add that on top of Lacerte not really letting us pull out reports and data that we want in other scenarios - I'll take your answer as solution.
Lacerte is kind of that that kid whose family is in the lower-upper class, but compared their social circle, they are not as well off as their friends. They desperately want to be more well off and though of highly by others. So even though they are no better than those who may be thought of as upper-middle class, they treat everyone like they are better than them and walk around with a chip on their shoulder. They think they are just fine how they are and don't want to take time for self-reflection and just coast through life being mediocre.
Look at me with that analogy! Am I an English professional or an Accountant?
Most of my clients qualify for the full exclusion, so I don't fill out any of that worksheet stuff. I suppose I could, and charge them more. There should maybe be a way to find returns with address changes, but we have separate office systems for stuff like that.
I'm not talking about the worksheets, I'm talking about the actual filing. Majority of clients qualify for the exclusion, yes. But you still need to report the sale regardless if there is recognized gain or not.
Have you worked with the SDK for custom reporting? There is a forum for that community at this link:
"Level Up" is a gaming function, not a real life function.
"...But you still need to report the sale regardless if there is recognized gain or not."
That statement is NOT correct; see the directions provided by the IRS. It says do NOT report.
Lacerte allows an override which I use to force all sales of a primary residence to show up on F 8949/Sch D. The 'disclaimer of excluded gain' shows up. It is much easier (and yes, my clients HAVE had missives from the IRS asking..) to then print the F 8949/Sch D out & respond to the notice.
If a post answers your question, click on *Accept as solution* for future searches
You people who live in places where $500,000 homes sell for $3 million, remember that practices may vary in the real world. My problem is more with escrow companies that should be issuing the 1099-S, but don't. "Just sign here so we can avoid the paperwork."