michaelmars Posted August 21, 2009 Report Posted August 21, 2009 can someone give me guidance for reporting the new depreciation in the program? is there a way to work around the program of do i have to override? -thanks Quote
kcjenkins Posted August 22, 2009 Report Posted August 22, 2009 I am a bit confused by your question, or actually by the vast amount of information omitted. I'm really not at all sure what you are asking. But I'll take a stab at it by answering what I think you might be asking. If you are asking about how you report the extra depreciation, after using a 3115 to calculate it, the answer is that it goes on the C or F or E or 1065 or 1120S, etc, on the 'other deductions' line, with the description being "Depreciation from Form 3115". Quote
michaelmars Posted August 24, 2009 Author Report Posted August 24, 2009 I am a bit confused by your question, or actually by the vast amount of information omitted. I'm really not at all sure what you are asking. But I'll take a stab at it by answering what I think you might be asking. If you are asking about how you report the extra depreciation, after using a 3115 to calculate it, the answer is that it goes on the C or F or E or 1065 or 1120S, etc, on the 'other deductions' line, with the description being "Depreciation from Form 3115". thanks kc, but do i just wipe out the old assets and reset them up for going forward purposes with the new life and new prior accumulated depr? i don't see a way to change the life or method of depr of an existing asset in the program btw i am doing 1120S's and 1065's Quote
kcjenkins Posted August 24, 2009 Report Posted August 24, 2009 Yes, the easiest way would be to add the assets as they should have been, then delete the old asset listings. Actually, that is how I go about determining the 3115 adjustments, is by copying the return, adding the corrected assets and deleting the old ones, and looking at the differences in the History view of the assets. Quote
michaelmars Posted August 24, 2009 Author Report Posted August 24, 2009 Clever, Thanks alot HEY I JUST REALIZED I REACHED ATXOHOLICS ANONYMOUS!! Quote
Margaret CPA in OH Posted August 24, 2009 Report Posted August 24, 2009 Congratulations and welcome to the club! It is a dubious distinction, to be sure, nonetheless, be PROUD! Quote
Catherine Posted August 24, 2009 Report Posted August 24, 2009 Clever, Thanks alot HEY I JUST REALIZED I REACHED ATXOHOLICS ANONYMOUS!! Congratulations, michaelmars!! Catherine Quote
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