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12101: Entering a Group Sale


1040 Individual

How do I enter a Group Sale in Drake Tax? 

 

Go to the 4562 screen belonging to the first asset in the group. In the IF SOLD section enter:

  1. Property Type (starting in Drake17, this is located at the top left of the screen beneath the Description)
  2. Date Sold
  3. Group Sale Number
  4. Group Sale Price
  5. Group Expense of Sale
  6. Fair market value for THIS asset (optional)
  7. Expense of sale for THIS asset (optional)

For the other assets sold in the group enter:

  1. Property Type (starting in Drake17, this is located at the top left of the screen beneath the Description)
  2. Date Sold 
  3. Group Sale Number
  4. Fair market value for THIS asset (optional)
  5. Expense of sale for THIS asset (optional)

Group Sale and Installment Sale:

Starting in Drake17, you can enter a combined group sale installment sale without duplicating data entry on both the 4562 and 4797 screens. See Related Links for details.  

In Drake16 and prior, group sales entered on the 4562 will not carry to a 6252, Installment Sales. If you determine that a 6252 is needed, enter it directly. If you are entering a group sale and an installment sale, the property type should be removed from the 4562 screens involved in the group sale. For more information about installment sales, see "Entering an Installment Sale (Drake16 and prior)" in Related Links below.

Review the 6252 Instructions and Publication 537 for additional details.  For a video demonstration of how to enter a group sale, see Group Sale.


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