Do I delete depreciation if client decides not to take depreciation due to not having prior deprecation schedule to show how much was already depreciated?
Do I delete depreciation if client decides not to take depreciation due to not having prior deprecation schedule to show how much was already depreciated?
Get all prior tax returns/transcripts, and you can often figure out the prior depreciation.
Even getting SOME of prior information (tax returns/transcripts) can help you figure out what was done before. And unless evidence shows otherwise, assume that prior depreciation is correct.
That has got to be a new record - three answers posted in under one minute of each other. Hopefully Intuit still has the podiums setup to award the gold, silver, and bronze for this one.
At some point, it must be reckoned with. I would use a computational method to recreate the accumulated depreciation that SHOULD have been taken. I found https://www.calculator.net/depreciation-calculator.html which can be useful in doing this.
Give the client the option - pay you to do it right, or have you do it in a manner that shows all assets fully depreciated (not a good choice). Explain the cost difference in doing both. Third option - you can both go your own way and say "It's been nice meeting you."
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