fclark
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12-06-2019
06:29 PM
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2018 Iowa Depreciation. Iowa did not couple with the federal regarding Section 1031 for non-real estate property nor did Iowa couple with federal on depreciation methods for farm equipment.
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George4Tacks
Level 15
12-06-2019
06:29 PM
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Lacerte has always had a state (if different) entry for depreciation. I can't speak to how a 1031 would be handled, but my guess is that if IA does not conform, Lacerte would know that. I will ask a moderator.
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George4Tacks
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12-06-2019
06:29 PM
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@IntuitAlicia - Could you check into Lacerte handling of the items in question?
Answers are easy. Questions are hard!
Answers are easy. Questions are hard!
Employee
12-06-2019
06:29 PM
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Thanks, like you mentioned, we already provide a way to show a different depreciation method, etc. for state vs federal.
There will be a few changes to the program to address this including diagnostic messages (informational around auto limits, bonus depreciation, farm assets (200DB / 5 year / res ADS).
Once the IA forms are included in product, we'll know more about the LKE treatment. If IA does not conform, we'll be on the look out for an automatic adjustment, or a diagnostic that indicates an adjustment is required.
This is what we've got for now, with more to come.
There will be a few changes to the program to address this including diagnostic messages (informational around auto limits, bonus depreciation, farm assets (200DB / 5 year / res ADS).
Once the IA forms are included in product, we'll know more about the LKE treatment. If IA does not conform, we'll be on the look out for an automatic adjustment, or a diagnostic that indicates an adjustment is required.
This is what we've got for now, with more to come.
benrouse
Level 1
12-06-2019
06:29 PM
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Is there any more to update on this issue? IA is definitely NOT coupling with like kind exchange, or 200DB, or 5 year life for new farm equipment. We're really struggling getting depreciation correct for farmers and especially those that traded machinery and had past carryover basis.
George4Tacks
Level 15
12-06-2019
06:29 PM
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@benrouse There have been recent updates. Have you installed them? If the problem persists, use Ctrl + L to create a service request. Attach a file with this problem and clearly state what is not working. Hopefully that will trigger a fix by Lacerte.
Answers are easy. Questions are hard!
Answers are easy. Questions are hard!
Employee
12-06-2019
06:29 PM
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2018 Lacerte Release Schedule: https://accountants-community.intuit.com/articles/1738593&src=lsccom