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client places in service non residential real estate on march 20 2023. 100% business
J1 in proseries. basis = 2,850,000 which includes land of 962,466.
proseries comes up with 16,325 of deprec.
irs table A-7a shows 2.033% yielding 2850000-962466=1887534 * .02033= 38374
am i in the wrong table? proseries help seems "closed" this weekend. odd.
thanks, old sheldon
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did a practice mock up, and I come up with 38315. ProSeries Pro 2023
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hello terry- what could i be clicking wrong in the locator?
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Not sure unless you changed MACRS options. Scroll down on the worksheet to the bottom to see what method you are using. Should be MACRS, MM SL, 39 years, basis 1,887,534
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terry thank you. i am showing at bottom of w/s
"use irs tables for macrs property?" yes (tried "no" does not change)
deprec type macrs
asset class NR lights up red but no error message NR is only possible answer
deprec method sl
macrs convention mm
year of depec 2 this is filled in by proseries and cross ref says it is for info only
recovery 39
deprec basis 1,887,534 (correct number)
appreciate your help.
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@oldsheldon wrote:
asset class NR lights up red but no error message NR is only possible answer
year of depec 2 this is filled in by proseries and cross ref says it is for info only
It shouldn't be red and it should show Year 1, not Year 2, so something is acting up weirdly.
- Have you verified you entered 2023 for the placed in service date?
- Does it show any prior depreciation? Or any 179 or Bonus?
- Does the actual Asset Entry Worksheet show the wrong depreciation, or is the depreciation correct on the Worksheet and carried to Schedule C/E/F incorrectly?
- Have you tried deleting the Asset Entry Worksheet and enter it again?
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thank you bill- very much- i will try these- sounds like i need to delete w/s and start over.
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pro series was no help. after giving up on proseries, one of my staff and i fumbled around for an hour and kind of stumbled into what was wrong
the problem was that this was the initial year for the entity
i did not click that somewhere else maybe in general info, did not seem to me to impact depreciation. once clicked, pro series gave me correct deprec.
will use community before proseries.