New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

All federal deferred gains on like-kind exchanges must be reported on PA Schedule D Part I or Part III, line 9. Enter the amount to be recognized for PA purposes on the PAD screen, in the business like-kind exchanges or other like-kind exchanges fields (for 1065 to report the business like-kind exchange on line 9 you have to also enter the amount for business like kind-exchange in the other like-kind exchange fields). UltraTax CS automatically transfers the business gains to PA Schedule M, Part B.

Any recognized business gain should be offset on PA Schedule D, Part I or II, line 13. Enter the sale information and offsetting amount on the D screen in the statement for Gain (loss) from transactions requiring adjustment for PA/IRS differences. This completes PA Schedule D, Part-II or Part-IV.

Note: If the federal deferred gain is from rental activity, no offsetting adjustment is need; it is to be reported on PA Schedule D.

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