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How do you enter Section 1043 Conflict-of Interest Sales on part IV of form 8824 in Lacerte tax?

DSICPA
Level 2
 
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1 Best Answer

Accepted Solutions
PhoebeRoberts
Level 11
Level 11

Looks like that whole section of the 8824 is unsupported by Lacerte. I think you're going to have to manually complete it and either attach as PDF, attach to an 8453, or file the whole return on paper.

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8 Comments 8
George4Tacks
Level 15

Before we go further - Can you verify that your client is an officer or employee of the federal government or judicial officer of the federal government? 

This is a pretty obscure section of the form, do you really need to go there?


Here's wishing you many Happy Returns
DSICPA
Level 2

My client was an executive with Goldman Sachs. He left them and went to work for the Securities and Exchange Commission. He received a Certificate of Divestiture from the  US Office of Government Ethics for 5 specific assets to which section 1043 apply for the nonrecognition of gain. 

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DSICPA
Level 2

My client was an executive with Goldman Sachs. He left them and went to work for the Securities and Exchange Commission. He received a Certificate of Divestiture from the  US Office of Government Ethics for 5 specific assets to which section 1043 apply for the nonrecognition of gain. 

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George4Tacks
Level 15

Maybe @sjrcpa or @PhoebeRoberts or @abctax55 have an idea of how to do. I don't see the solution.

 


Here's wishing you many Happy Returns
PhoebeRoberts
Level 11
Level 11

Looks like that whole section of the 8824 is unsupported by Lacerte. I think you're going to have to manually complete it and either attach as PDF, attach to an 8453, or file the whole return on paper.

DSICPA
Level 2

Thank you all for the replies. That is the conclusion that I came to as well that Lacerte does not support that section of the 8824. I will manually complete that section and take care of it that way.  

sjrcpa
Level 15

I agree with Phoebe, of course.


Ex-AllStar
abctax55
Level 15

Surprise... I agree (don't we all, always?) agree with Phoebe.

Plus this is something I've never, ever had to deal with in my practice 😂

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