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depreciable assets, real estate

Client owns & operates two motels.  not sure how to enter total basis and allocation to land and depreciable value on schedule C asset.  

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George4Tacks
Level 15

Enter the net of land with a depreciation method of 87. Enter land with a method of 99. You may also need to add various furnishings and equipment. 

https://proconnect.intuit.com/community/federal-taxes/help/entering-a-depreciable-asset-in-lacerte/0...

https://proconnect.intuit.com/community/partnership/help/depreciation-methods/00/3537

 


Here's wishing you many Happy Returns

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1 Comment 1
George4Tacks
Level 15

Enter the net of land with a depreciation method of 87. Enter land with a method of 99. You may also need to add various furnishings and equipment. 

https://proconnect.intuit.com/community/federal-taxes/help/entering-a-depreciable-asset-in-lacerte/0...

https://proconnect.intuit.com/community/partnership/help/depreciation-methods/00/3537

 


Here's wishing you many Happy Returns