Help - Form 8829 Sale of Residence

[cpabsd]

Client sold home on which depreciation had been taken. How do I find out the total amount of depreciation taken on the house? It was always in ATX tax program. I just don't want to have to pull each return. It should be there but I cannot find it. Thanks!

[indyscott]

Is it not on the asset entry tab?

[BulldogTom]

On schedule d there is a sale of residence tab that gives you a good place to put the numbers to get the recapture. The total depreciation is in the Asset Entry like indyscott said.

Tom

Lodi, CA

[cpabsd]

The depreciation on home office is not showing up under asset entry. I even selected all for the assets to display. Am I inputing this information wrong? It is input directly on the Form 8829 and calculates a small amount of depreciation each year. I went back to all returns and got my number for this client. But that is not always feasible. If I need to change how I input this, I would like to know. Thanks for the guidance.

[schirallicpa]

Mine wasn't showing up on the asset tab either. But, shouldn't your depre be the same every year anyway: Straight line. You just need to find out when it started.

[Margaret CPA in OH]

So I have a home office disposal now, too. It isn't in the asset entry (not supposed to be according to the KB). Unfortunately the client had losses in the last 3 years so all depreciation and other expenses were not allowed. Any clues on how to determine depreciation to date when the numbers are lumped together? Would it be a ration maybe?

[kcjenkins]

The home office depreciation is always SL, so you just need one year's amount, plus the number of years he's taken it, then deduct for any years it was not taken due to earning limits. Best thing to do when you have these is to set it up to track it in the Perm. File, so that when the time comes, it's already there. Just have to set it up once, then update takes seconds each year.

[indyscott]

Oh, KC you are so good! BUT, you'll NEVER be able to switch to any other tax package. ^ ^

^_^

[Julie]

Hmmm....I've avoided the problem by putting the house in Asset Entry. Really helps come sale time.