Level 15

@Puravidacpa  wrote:

how is everyone tracking the depreciation taken on the shareholder 1040 that will eventually need to be recaptured when the home is sold? I'm leaning towards putting it in as a "other" asset and just manually updating the accumulated depreciation taken, and pointing it to "type = land" so that no actual depreciation is being taken since the client is getting reimbursed from the S-Corp.



I suspect many people just conveniently forget about it.   🙂

Personally, I think it is easier to keep track of it outside of the program, such as on a spreadsheet (or even a post-it note).  You just need to keep track of one number per year, so it seems easier to just write it down somewhere rather than trying to manipulate the program and manually entering it each year in the program.

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