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Real estate tax on 2nd residence Schedule A input

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Level 2
last updated ‎March 09, 2020 9:18 PM

How do I enter real estate tax for a 2nd home in lacerte?  It is not considered investment property and is not a rental property-just a 2nd residence.

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Highlighted
Level 15
last updated ‎March 09, 2020 9:18 PM

Screen 53.071 3 up from the bottom is an [O] Override for Total

 


ex-AllStar

View solution in original post

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Level 15
last updated ‎March 09, 2020 9:18 PM

I use Ctrl + E to open the real estate tax and enter detail for Primary and a 2nd line for next residence and a 3rd line for the prorata share of timeshare, etc.

 


ex-AllStar
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Level 2
last updated ‎March 09, 2020 9:18 PM

The client has an IL resident return. In IL there is a credit for re tax paid in IL.  The other home is in WI.  If I add the WI home to the principal residence space then the IL re tax credit calculation includes the WI re tax.  I would prefer not adding WI to the return since I pay per rep.

Thanks for your help.

 

 

 

 

 

 

Thanks for your response.

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Highlighted
Level 15
last updated ‎March 09, 2020 9:18 PM
We all make choices.
Is there income from WI? If so, you client might get a bill and not really love you so much.
Remember the client will pay the REP and if there is a filing requirement, you are at least responsible for giving them a choice.

ex-AllStar
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Highlighted
Level 15
last updated ‎March 09, 2020 9:18 PM

Screen 53.071 3 up from the bottom is an [O] Override for Total

 


ex-AllStar

View solution in original post

Highlighted
Level 2
last updated ‎March 09, 2020 9:18 PM

Thank you!

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