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Can you explain why you want to do this?
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I have a schedule c that I don't want to include on the current year tax return because of possible hobby rule issue but we may reactivate in the future, so I don't want any current depreciation taken and I don't want to remove all the assets. I also want to avoid having to go into each asset and zeroing out the depreciation.
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Got it. Can't help you there, I hope someone comes along who can.
Code_Reader
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Ok, thank you anyway
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Depending on the number of different assets, can you enter "0%" for business usage?
You have to remember next year to correct it back again.
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Lacerte doesn't like zeroes.
How many assets are we talking about? I'd just override each one's depreciation.
The more I know the more I don’t know.
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Yes, I know I could do that but was looking for a quicker/easier way.
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When I do this I use code 17, "Form 4562 only", in the Form column (first column after the description of property). You retain the asset on the schedule but it goes nowhere and you don't get diagnostics.