The following diagnostic is generating in Lacerte:
An election statement is available to support the election to use MACRS straight line method for current year assets. (ref. #2000191)
This diagnostic generates if an asset is entered on the Depreciation screen and the depreciation Method (Ctrl+T) (F1 for examples) selected is a straight line method.
Follow these steps to enter the appropriate election statement:
- Go to the Elections for your tax type:
- Screen 46 (Individual)
- Screen 33 (Partnership)
- Screen 41 (Corporate)
- Screen 38 (S-Corporate)
- Screen 50 (Fiduciary)
- Select Election 1 from the left Election box.
- Select Election to Use MACRS Straight Line Method in the left Sections box.
- Check the box labeled Use MACRS straight line method [168(b)(3)(D)].
- Enter the appropriate information in the Personal property class field.
- Go to the Forms tab.
- Select Elections under the left Form list.
- Make sure the Election to Depreciate MACRS property under the Straight Line Method is generating.
