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Client did Turbo tax, i did same in Lacerte, sec 1231 gain 12,000, ordinary passive loss -9000...Turbo tax allowed the 9000 loss,

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k1 passive loss of -9000,  sec 1231 gain.  Turbo tax allowed the Loss,  Lacerte sent loss to  "Disallowed Loss on 8582.  which is correct ?

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There are two lines on Screen 20.x for entering gains & losses.  DID you use the one that says "passive"?  Which is what Susan asked 17 hours ago...

"It showed on Sch D"  is not an answer to where you entered it.

Former Chump... umm.... AllStar.
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Level 15

There are two lines on Screen 20.x for entering gains & losses.  DID you use the one that says "passive"?  Which is what Susan asked 17 hours ago...

"It showed on Sch D"  is not an answer to where you entered it.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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This is the Answer ! and I appreciate your input .  I did NOT  enter this as Passive.   My error.  Lacerte got a copy of this return, and looked at it,  they did not suggest that Correct Answer
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YVW
I learned this one the hard way, years ago.
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Glad you figured it out.

ex-AllStar
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thanks So Very Much,  SJR and ABCTAX,  I guess I am quite surprised Lacerte support did not see this, as I sent them a copy of the return.  she spent  15 minutes on this.  By god, I am still in the process of memorizing  the  50,000 pages of THE CODE.  when I get there, I won't be making any more errors. Truly, I learn something new out here every week. Really appreciate you
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Level 15
You're welcome.

ex-AllStar
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Level 15
Don't try to memorize the Code. It changes.

ex-AllStar
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thanks, SJR,   I had no idea.  instead I will memorize the logarithm tables. , base 10. this will be easier than THE CODE
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Level 8
But logarithm tables are more fun!
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Level 15
Do you know why the adders (you know, the snakes) were not able to multiply?


They didn't know logarithms.

ex-AllStar
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Level 8
:laughing::laughing:
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Level 15

Turdo tax. If the 1231 gain is passive, the passive loss can be used. How did you enter the 1231 gainin Lacerte?


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I had to log in.  I don't know if you saw my reply or not.  the 1231 gain is shown on Sch D. Lacerte said, of course, that Lacerte is correct, and T Tax is wrong.  who knows?
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@stendec You may not have done the entries correctly. sjrcpa asked a question that you did not answer.

ex-AllStar
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Yes. GIGO.

ex-AllStar
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:+1::+1:
Former Chump... umm.... AllStar.
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