BLACK BART Posted February 17, 2016 Report Posted February 17, 2016 Does anyone happen to know if ATX (or any other software) sends the detailed depreciation schedule to IRS or does IRS require only the 4562 totals? Or in some cases, if nothing new is added, then not even a 4562 but simply figures off a line on C, E, and F? P.S. On another topic; I sincerely wish Form 1095-A had never come into existence. 1 Quote
RitaB Posted February 18, 2016 Report Posted February 18, 2016 Well, my good AR friend, on this farmer I'm on, if I go to 1040 EF INFO, then on the bottom tabs look under "E-filed Forms," it shows that the Form 4562 is e-filed, but not any worksheets. He did not add any assets. But, boy he sure enough tried to subtract personal insurances and had to bust him on it. P. S. And on another other (sorta) topic, I wish the whole ACA had never happened. 6 Quote
Jack from Ohio Posted February 18, 2016 Report Posted February 18, 2016 No details of depreciation are sent to the IRS. We should all be very glad that is the case. 3 Quote
RitaB Posted February 18, 2016 Report Posted February 18, 2016 25 minutes ago, Jack from Ohio said: No details of depreciation are sent to the IRS. We should all be very glad that is the case. OK, I'll bite. Why are we glad? I am happy for IRS to see every worksheet I do. Why shouldn't I be? Quote
Jack from Ohio Posted February 18, 2016 Report Posted February 18, 2016 1 hour ago, RitaB said: OK, I'll bite. Why are we glad? I am happy for IRS to see every worksheet I do. Why shouldn't I be? Each different software uses different classifications and processes to calculate depreciation. Are you certain that EVERY asset you have listed is in exactly the right category and uses the right convention? Quote
RitaB Posted February 18, 2016 Report Posted February 18, 2016 7 minutes ago, Jack from Ohio said: Each different software uses different classifications and processes to calculate depreciation. Are you certain that EVERY asset you have listed is in exactly the right category and uses the right convention? On another board, there is a discussion right now about a rental property that a professional completely depreciated over 10 years. If IRS can't catch that, I'm not a bit worried. But, yes, I am sure about my depreciation schedules. I attach them to returns, and I don't care who sees them. Are you sure every software uses different classifications and processes? I've only used ATX, so I didn't know that. 3 Quote
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