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Entering Depreciation for New Clients
When you have a client with existing depreciation and you are entering for the first time into the program, follow the steps below:
- Go to the Depreciation (4562) screen.
- Enter pertinent information into the grid
- Description of Property
- Form This is 3
- Activity Name or Number This is Probably 1 for 1st rental
- Date Placed in Service
- Cost or Basis
- Method This is 85 for the property and 99 for the Land (https://proconnect.intuit.com/community/help-articles/help/depreciation-methods/00/3537)
3. Fill out Prior Depreciation/Amortization and Prior Section 179 in the Federal Depreciation section under Regular Depreciation. 4. For business returns (Partnership, S-Corporations, Corporations, and Exempt Organizations), you must go to the Balance Sheet screen and enter the amounts forBeginning : Buildings and Other Depreciable Assets and Beginning : Less Accumulated Depreciation for assets placed in service in a prior year.
ProConnect Tax Online will not transfer prior year assets of a first return by filling out the beginning balance. If the asset is placed in service in the current year, the program will include the amounts in Ending : Buildings and other depreciable assets and Ending : Less accumulated depreciation.