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Common questions about Corporate Depreciation Asset Disposition in Lacerte

SOLVED•by Intuit•Lacerte Tax•7•Updated July 27, 2021

Common questions regarding disposing depreciable assets for a corporate return

  1. Open Screen 21, Depreciation.
  2. In the Asset list, select the asset.
  3. In the Section list, select General Disposition Information.
  4. Enter the date the asset was sold in Date Sold or Disposed of (negative date=various) (MANDATORY).
  5. In the Section list, select Sale of Asset.
  6. Enter the Sales Price (-1=none).
  7. Enter any other information that applies to the sale of the asset in the Sale of Asset section
  1. Open Screen 18, Rental/Other Passive Activities.
  2. In the Property list, select number assigned to the rental real estate activity you want to dispose.
  3. Click the Depreciation button at the top of the screen.
  4. In the Show Assets For and Asset lists, verify Rental/other passive and the property you want are selected.
  5. In the Section list, select Federal Depreciation.
  6. Verify Rental/Other Passive Activity and the activity number assigned to the rental real estate activity are selected in Form Number and Activity Name or Number (e.g., 3 = 3rd Rental).
  7. In the Section list, select Sale of Asset.
  8. Select the Entire Passive Disposition checkbox. The program releases any suspended passive losses associated with the rental activity.
  9. Enter the sale information.

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