Skip to main content
Level 4
March 24, 2021
Question

Form 6198 - Schedule C & E (Rental)

  • March 24, 2021
  • 1 reply
  • 12 views

Is Lacerte able to generate form 6198 for an individual's Schedule C business and/or Schedule E rental property?

This topic has been closed for replies.

1 reply

Level 6
March 24, 2021

No it will not. There is a field for amount at risk in the other information section of each business type C and E, yet you would need to manually prepare the 6189 and attach as a pdf.

Enter the total amount at risk in this business as a positive number. If the Schedule C has a loss, the program limits the loss to the amount entered and checks the At Risk box on Schedule C. When the loss is limited, you must manually prepare Form 6198 and attach it to the return. If you leave this field blank, the program treats the taxpayer's full investment as at risk and checks the All Investment is At Risk box.

Enter the total amount at risk in this property as a positive number. If the Schedule E has a loss, the program limits the loss to the amount entered and checks the At Risk box. You must prepare and attach Form 6198 manually when the taxpayer has amounts at risk. When you leave this field blank, the program treats the taxpayer's full investment as at risk. When the activity is passive, the program carries prior year unallowed losses to Form 8582 and worksheets.

Level 4
March 30, 2021

Thank you for your help. Where exactly does one attach a PDF to be processed with the return?

Level 6
March 30, 2021