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When selling a vacation home reported on schedule E, the basis for gain/loss purposes is using the business use percentage in the year of sale, which is incorrect. This business use is automatically calculated, and is based on number of days rented divided by the sum of personal use days and total days rented.Please correct this so that the basis for gain/loss purposes is the actual basis, not just the business use in that given year. The business use is utilized for allowable expenses and depreciation, but should not be implemented for the basis calculation on a vacation home. Currently, the workaround is to override a basis adjustment, but this seems unnecessary--the program should do the calculation for us on this.Thank you.
We would greatly appreciate the ability to print a state-only client letter. Occasionally, we file state-only returns for disregarded entities, and in these cases, we need a client letter that includes only state-specific information and filing instructions, without any reference to federal details.We’ve noticed that a separate state-only letter already appears in the Forms Preview, which is helpful. However, it would be even more useful if this could be added as an option in the Partial Print to PDF feature, under the State dropdown menu.Thank you for considering!
Why is Lacerte apparently ignoring prior year federal capital loss carryovers in it's calculation of 2025 estimated taxable income? As far as I can tell, and according to CO tax guide, the program should be using Federal taxable income from 2024 less CO modifications and not make Schedule D transaction assumptions?
- You make quarterly estimated payments and elect to make the last payment paid on 12/31 (no other choice).- Next year you treat the estimated payments as paid under payment screen.- The software still allocate only the first three quarters payment in itemized deduction as if the last payment were paid in January next year.This needs to be automated as the system had the information already. Yes I can manually put in the date, but it leads to error if there are too many manual steps and it is easy if you forget to check.-- Click https://accountants.intuit.com/community/proconnect-tax-idea-exchange/idea-for-intuit-to-keep-track-of-open-issues/idi-p/301766 to vote FOR the idea.
I would love to have the ability to add activities on page 1 of the 1065 or 1120-S. This would help with several items, including QBI passthrough, and reconciling client's separate businesses with the tax return. Often, clients will have one LLC that will operate multiple businesses. These aren't real estate rentals, oil and gas, or other places where additional tabs are easily entered. These are just normal operating businesses.Because depreciation might be specific to those entities, it would be nice to have a "Activity Name or Number" with the page 1 input.Also, with 199A, we can only aggregate activities if certain requirements are met. See https://accountants.intuit.com/taxprocenter/tax-law-and-news/aggregating-business-entities-for-the-qbi-deduction/. If these requirements aren't met, the only current way to properly allocate this income, wages, and property is to zero out the automatic inputs, and manually create additional QBI businesses and fill them out by hand. If the return is changed, these manual inputs are obviously incorrect.So, please add a "+" button on the inputs for ordinary income. Thanks.Also, if you implement this, please provide a worksheet that will summarize all the income, COGS, and deductions from that activity.
Wouldn't it be nice if Lacerte could roll out updates that don't interrupt us during normal work hours. It's always in the middle of the day, in the middle of a project, or when we need to access information quickly. Just roll it out once a day or once a week in the middle of the night, so I stops interrupting us all the time. Be considerate of others.I agree with another post as well. Why did you change to auto update in the first place. Allowing us to update at our own pace was perfect, so why did you mess with it?
MISSING INFO IN W-2 TRANSCRIPTSIt looks like the "Get my W-2" pulls in all information, but the transcript the software creates doesn't show:State taxes withheldLocal taxes withheldBox 14 infoThis needs correction since we have no documents to compare to if client fails to include a PDF as well.
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