Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Form 6198 - Schedule C & E (Rental)

JZGilleo
Level 3

Is Lacerte able to generate form 6198 for an individual's Schedule C business and/or Schedule E rental property?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

3 Comments 3
TylorValdez1
Employee
Employee

No it will not. There is a field for amount at risk in the other information section of each business type C and E, yet you would need to manually prepare the 6189 and attach as a pdf.

Enter the total amount at risk in this business as a positive number. If the Schedule C has a loss, the program limits the loss to the amount entered and checks the At Risk box on Schedule C. When the loss is limited, you must manually prepare Form 6198 and attach it to the return. If you leave this field blank, the program treats the taxpayer's full investment as at risk and checks the All Investment is At Risk box.

Enter the total amount at risk in this property as a positive number. If the Schedule E has a loss, the program limits the loss to the amount entered and checks the At Risk box. You must prepare and attach Form 6198 manually when the taxpayer has amounts at risk. When you leave this field blank, the program treats the taxpayer's full investment as at risk. When the activity is passive, the program carries prior year unallowed losses to Form 8582 and worksheets.

0 Cheers
JZGilleo
Level 3

Thank you for your help. Where exactly does one attach a PDF to be processed with the return?

0 Cheers
TylorValdez1
Employee
Employee
0 Cheers