7th and later years vehicle depreciation

[BulldogTom]

How do I make atx take the additional years at $1775 on vehicles used 100 percent in business but but beyond the 6 years of normal life? I know it needs to go there, but I don't know how to make it happen.

Any Help?

BTW it is a 1120S return with everything on the 8825.

Thanks

Tom

Lodi, CA

[ILLMAS]

Hello Tom, I am trying to figure why the vehicles are being depreciated beyond it's use life first? Or they they pickup trucks and campers were bought and the depreciation is for the campers? Or are you trying to match book depreciation to tax? You setup the vehicle as an asset on one of the rental properties, in the case you are trying to match depreciation between books and tax, don't break your head, just book the difference on Sch M reconciling difference.

MAS

[BulldogTom]

Client has a storage rental building. They have a truck that they use on site to move things. It is not driven very much. Vehicle depreciated every year. Still in service. Still used in business.

The rules are straightforward. In the case of a vehicle to which the luxury limits apply, you can take $1775 per year for the vehicle until the vehicle is fully depreciated.

How do I make the software take the 1775 depreciation in the eighth year?

Thanks.

Tom

Lodi, CA

[BulldogTom]

Figured it out. Had the wrong asset subcategory clicked in Asset Entry.

The simplest things screw you up.

Tom

Lodi, CA