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Fidelity statement reporting ordinary loss on redemption of contingent debt instrument. How is this reported in Lacerte? I can see an old posting under ProSeries but it points to Sales of Business Property, which this is not, and doesn't help a Lacerte user. I can't see any boxes under Dispositions that would classify this portion of the disposition income as "ordinary" instead of capital.
Thanks in advance,
Kathy
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Like that old posting, I run it through the 4797 to make it ordinary. In the 4797 section of Screen 17.1 Dispositions, enter a -1 for depreciation allowed.
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Like that old posting, I run it through the 4797 to make it ordinary. In the 4797 section of Screen 17.1 Dispositions, enter a -1 for depreciation allowed.
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Thank you, Phoebe! I see how this works now. Really appreciate your taking the time to respond.
Kathy