User's Manual - Drake Software

Drake Software User’s Manual
Sales of Assets
Table 5-2: Spreadsheet Columns for Schedule D Import
Spreadsheet
Column
Associated Field on Screen 8949
AE
AF
AG
AH
AJ
AMT Cost Basis
US Real Property (Note: To have a check mark appear in this field, enter any character
into the spreadsheet column.)
State Use Code
State adjustment
State Cost or Basis
Importing
Saved Data
To import the information:
1. Open the client’s file to the Data Entry Menu and click Import > Schedule D
Import/GruntWorx Trades from the toolbar. The Schedule D Import/Grunt-
Worx Trades instructions are displayed.
2. Click Next to open the Step 1 dialog box.
3. Click Browse (to the right of the 1. Import File Name field) to locate the file to
be imported.
4. Once you have selected the file to be imported, click Open. The data path and file
name will be displayed, with the transactions shown in the Schedule D Transaction
Information grid below it.
5. From the Start import at field, select the line at which to start the import. For
example, if the Item 1 row in the transaction list is column header information,
choose to begin import at line 2.
6. Click Next.
7. After verifying that the information is correct, click Import.
Sales of Assets
To enter non-recaptured losses, use the Part IV, Recapture Amounts when business
use drops... section of screen 4797. For sold property listed on Form 4797, depreciation
sometimes must be recaptured as ordinary income. (For more on depreciating
sold assets in Drake, see “Depreciating Sold Assets” on page 170.)
1099-S
Transactions
Enter data from Form 1099-S, Proceeds from Real Estate Transactions, on the 4797
screen. Mark the 1099-S transaction box, located near the top of screen 4797.
Installment Sales
The steps for entering an installment sale vary depending on the use of the 4562
screen. If the 4562 screen is not used, (1) complete the 4797 screen for the sold asset,
(2) indicate with a “Y” on this screen that the sale is also reported on Form 6252, and
(3) follow the procedure below, starting with Step 3.
To enter an installment sale using the 4562 screen:
Tax Year 2012 115