Nick MacDonald
Level 3

I'm on the wrong product but saw your topic.  I use Proconnect online, but I think it is similar to Lacerte.  

Do you see an additional entry on your depreciation report?  I had an asset for 20 and did a partial distribution of 5 with 15 remaining.  On the report, my original asset is still listed at 20 but the disposal date is noted.  At the bottom, there is another entry for the asset noted as "remaining basis".  

On my report, the total asset costs is incorrect because it reflects the original asset cost and the remaining asset cost without noting the reduction of the P/D.  But the depreciation is correct calculating through the distribution month (rental real estate in my example).  The activity reported correct depreciation expense and the 4797 was correct.  

Hope this helps, your input compares to mine, so hopefully you will see the above on the report.  

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