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- When I add new item to depreciation schedule, trying to 179 total cost of equipment, I input full value in current 179 expense and it shows up on return as prior year and does not allow any expense
When I add new item to depreciation schedule, trying to 179 total cost of equipment, I input full value in current 179 expense and it shows up on return as prior year and does not allow any expense
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shawneen
Level 1
01-31-2022
10:42 AM
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Working on 1120S. I have a new equipment asset ($1,532) I want to expense via the 179 deduction. When inputting I placed the cost or basis value in appropriate box, next box down is current 179 expense which I put the same value in. On forms it shows up as prior year 179 expense and does not allow any depreciation. In quick entry I have added $0 to Prior 179, Prior Bonus and Prior Depreciation.
If I delete the current year 179 field and mark 1 for special depreciation (take special depreciation) it will give $490 for the year's depreciation. When I mark bonus depreciation as 2 (to elect out) depreciation is $0 for the year and prior year is $0.
Despite typing in no prior depreciation in both quick entry and full length it is putting $306 as prior year depreciation, when I mark 1 for bonus depreciation. If I put $1,532 in the quick entry as current year 179 in forms my depreciation basis is $0.
First year using Lacerte. Training video does not discuss this issue. I have used ProConnect for my tax filing for 12 ish years. I thought they would be similar, but I have never had this issue.
I would love instructions on what to mark for taking 179. Or a link with instructions. Everything I am finding matches up to what I am doing and they get the correct response.
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