Where to Enter 1099-S for Real Estate on a 1065 (8825 Worksheet)

Forum|Forum|3 years ago
March 1, 2023
2 replies
15 views

Taxpayer X received a 1099-S for the sale of their business property.

Where do the sale amounts and basis get recorded so that it all links to the asset listed on the 8825 and flows to the K-1 properly?

ProConnect Tax

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PhoebeRoberts

Intuit Community Champion

Use the disposition section in the depreciation screen for the asset(s) sold.

George4Tacks

Level 15

Cokes!

Answers are easy. Questions are hard!

George4Tacks

Level 15

https://proconnect.intuit.com/support/en-us/help-article/form-8949/entering-sale-disposition-assets-proconnect/L0w36YcoD_US_en_US?uid=leqdwzpq

Answers are easy. Questions are hard!

T

troyAuthor

Level 5

Thanks - but I have seen other software have an option to enter a 1099 and "link" it to another schedule in the return. Is there anywhere to enter a 1099 on a 1065 in ProConnect?

George4Tacks

Level 15

There is really no reason to enter a 1099, except for when it has withholding. ProConnect does not have any direct input for 1099S.

This is NOT EVEN CLOSELY LIKE those other software you are asking about. It is modeled after Lacerte.

Answers are easy. Questions are hard!

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