Inherited property sold on 1041

Forum|Forum|6 years ago
April 18, 2020
1 reply
17 views

I am trying to list a rental property sold in the 1041 screen as inherited but can't seem to locate an input screen for this section? any help would be greatly appreciated.

Lacerte Tax

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George4Tacks

Level 15

Was it rented in 2019? Did you set up depreciation with step up (inherited) basis?

Answers are easy. Questions are hard!

C

cl54Author

Level 3

yes it was set up with the stepped up basis and yes rented in 2019 , there is no input on the depreciation screen to make it as inherited? or not that I kind find

George4Tacks

Level 15

I think you are looking for something like the "inherited" box that is for 1040 input. That is not necessary.

https://proconnect.intuit.com/community/help-articles/help/entering-a-bulk-sale-of-assets-in-lacerte/00/5371 shows the steps for creating the sale in the depreciation screen. Just click the Follow these steps.... Fiduciary module in that link.

This may generate a short term, vs long term gain(loss). If that happens you may just need to enter it in the dispositions screen, but try the sale via depreciation screen first. DO A BACKUP BEFORE YOU DO THE SALE IN DEPRECIATION SCREEN, just in case.

Answers are easy. Questions are hard!

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