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Where do I find the Asset Entry Worksheet in ProSeries Basic?

MPIEGARI
Level 1

Hi,

Where do I enter the sale of a rental property that is being reported on Schedule E?  I have read that the Asset Entry Worksheet is the easiest way but I cannot locate this worksheet in ProSeries basic.  I have tried the "where do I enter?" and "find form" feature and this worksheet does not come up.  

Any help would be appreciated.

 

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4 Replies 4
TaxGuyBill
Level 14

Let's take step back.  The Asset Entry Worksheet is required to claim depreciation.  Have you not been claiming depreciation on the property?

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MPIEGARI
Level 1

No depreciation claimed. Property was placed in service Nov 2015 and sold Mar 2020.

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TaxGuyBill
Level 14

Then you have a much bigger problem than just reporting the sale.  Depreciation is REQUIRED.  You need to know that and depreciate things.

You will need to file Form 3115 to 'catch up' on the depreciation.  You may consider finding a mentor to help you with this tax return, or decline this client because it seems that you may not be familiar enough with how to handle rental properties.

 

MPIEGARI
Level 1

So if I file 3115 to catchup the depreciation where do I go from there?

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