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partial disposition

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Level 3

Hello,

I tried to do partial disposition in lacerte but it does not work. Here are my steps:

1. open depreciation section;

2. choose the asset;

3. go to general disposition information, enter the date;

4. go to sale of assets, enter -1 for price and amount of basis sold;

However, on the depreciation schedule, the depreciation asset sold is still the total amount. Can anybody help me answer this question? Thank you in advance!

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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.  

View solution in original post

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I agree that Nick's explanation of the presentation is correct. If you look at the following year's depreciation report, it has asset and depreciation balances you can tie to.

View solution in original post

5 Replies 5
Highlighted

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.  

View solution in original post

Highlighted

I agree that Nick's explanation of the presentation is correct. If you look at the following year's depreciation report, it has asset and depreciation balances you can tie to.

View solution in original post

Highlighted
Level 3

Thank you! I am looking at the 2019 depr remaining assets and the amount excludes the whole asset instead of the partial asset that I wanna dispose. Do you mean even if the 2019 depr schedule looks wrong, the 2020 depr schedule will be right? 

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Highlighted
Level 3

Hi Nick,

Thank you so much. It seems like your software is very similar to mine. 

However, on my report, the total depr is correct while the assets sold and remaining assets are wrong. The assets sold include the whole amount instead of partial disposition and the remaining assets excludes the whole amount of the asset that I wanna dispose. 

Highlighted
Level 3

I just downloaded lacerte 2019 and it is correct. Thanks again!