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

Forum|Forum|6 years ago
December 7, 2019
2 replies
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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 ?

Lacerte Tax

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Best answer by abctax55

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.

abctax55Answer

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.

HumanKind... Be Both

S

stendecAuthor

Level 3

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

sjrcpa

Level 15

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

The more I know the more I don’t know.

S

stendecAuthor

Level 3

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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