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Itemized deductions - entry of real estate taxes

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Level 1

I am new to Lacerte and amending 2018 because of exceeding the $10,000 SALT limitation. My client owned 4 residences during 2018 (not held for investment, just personal residences). Within the Itemized Deductions screen I originally entered, as instructed, the real estate tax paid on his principal residence in the Real Estate Tax section in the box labeled "Principal residence [A] (Cntrl + E)". Since there was no line for real estate taxes on other residences I originally placed them under the Other Taxes section. I now realize that this was a mistake because the program correctly does not assume that taxes in this section are subject to the SALT limitation, and hence deducted in full the taxes I entered for the 2nd, 3rd, and 4th residences.  Now that I am amending, where do I enter the real estate taxes for other than the principal residence? Is the label for this box a misnomer? Do I enter the real estate taxes for all 4 residences in this box and ignore Lacerte's labeling of it as if reserved for only the "principal" residence?

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Level 15

The hint is contained in "Principal residence [A] (Ctrl + E)" Use Ctrl + E and a grid will open up where you can enter any number of Residential Property taxes 

New York           2,354

Syracuse                736

Adirondack       1,716

Pokipsky             8.719

AND it will total them for you!

 


ex-AllStar

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Highlighted
Level 15

The hint is contained in "Principal residence [A] (Ctrl + E)" Use Ctrl + E and a grid will open up where you can enter any number of Residential Property taxes 

New York           2,354

Syracuse                736

Adirondack       1,716

Pokipsky             8.719

AND it will total them for you!

 


ex-AllStar

View solution in original post

Highlighted
Level 1

Thank you for clarifying this. Sounds like Lacerte's mis-labeling of that box causes you no grief. Likely there's tons more throughout Lacerte that you've long acclimated to, so I'll need to be on the lookout as I work more with this program for confusing, insufficient and misleading labeling. Gee, you'd think that Lacerte would simply change that line to, like you said, "Residential property taxes" instead of "Principal residence". 

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Level 1


Illinois gives you a state tax credit for IL property taxes paid on a principal residence. An IL client also has a second home in WI. If I enter both taxes under “principal” as you suggest, IL will give a credit for the total amount. I tried entering under separate state codes in the grid (using Ctl+E) but it added to the IL credit incorrectly. How do I fix this?

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