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Special Depreciation Allowance Direct Input

SOLVEDby IntuitLacerte Tax7Updated July 27, 2021

The program will automatically calculate special depreciation allowance when applicable if the asset is entered in the Depreciation input screen.  If entering in the Direct Input screen for Depreciation, follow these steps to enter.

  1. Go to the respective Depreciation Direct Input Screen
    • Individual - Screen 23
    • Partnership - Screen 15
    • C-Corporation - Screen 22
    • S-Corporation - Screen 17
    • Fiduciary - Screen 28
    • Exempt Organization - Screen 28
  2. Select the "Direct Input(continued)" from the Direct Input box on the left side of the screen.
  3. Add an asset and enter the appropriate fields (i.e. Description of property, date, cost basis, special depreciation, depreciation deduction, etc.)

Note: Ensure that a Current Year date has been entered into the "Date placed in service" input field for any asset entered. If the date is not a current tax year date, the special depreciation allowance amount will not flow to the 4562 line 25.

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