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depreciation module - unable to print a report with sales price by input by asset

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depreciation module - unable to print a report with sales price by input by asset

Cindy Agostini

The Depreciation Module is set up to report both depreciation  (Form 4562) and asset sale (Form 4797) for tax agency reporting.

The Depr Sch Report includes the detailed asset cost basis, acquisition date, sales date, method, life, etc. The report does not include the sales price by asset. 

Form 4797 p2 line 20 reports gross sales price with 4 properties by page. In some cases my clients have 50 - 500 Form 4797 p2 forms submitted to the tax agency. 

There is no data base report available (custom or otherwise) to reconcile the sales price per asset in Lacerte to the accounting sub-ledger to ensure accuracy of the sales price data entry by asset.

The only way we can review this is to print all Form 4979 p2 and compare the entries to the sub-ledger. That is a huge waste of time and trees.

Under taxing agency audit, it is extremely important to be able to prove sales price and adjusted cost basis. 

Lacerte's database is a relational database and the lack of ability to "query" the sales price by asset is unacceptable for such a superior tax software. I hope this inadequacy is addressed asap by the Lacerte team.

 

 

 

 

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2 Comments
sjrcpa
Level 15

Might some of these 50-500 qualify to be lumped together as bulk sales?

IntuitZacharyG
Moderator
Moderator
Status changed to: Open for voting

<p>Thanks for the idea.  We are changing the status to "Open for voting" since it has been around for over 30 days and no longer considered "New".  If you have any questions on the life cycle of an idea, check out our <a href="https://proconnect.intuit.com/community/community-basics/discussion/idea-exchange-getting-started-gu..." target="_blank" rel="noopener">Idea Getting Started Guide</a> for more information. </p>

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