rosicamp
Level 2
08-07-2023
06:35 PM
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What screen and section will allow me to input to recapture depreciation for assets that have less than 50% business use on Form 4797, part IV (Page 2) under the Section 280F (b)(2)?
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sjrcpa
Level 15
08-08-2023
06:50 PM
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Where do I enter recapture when business use drops under 50% for Part IV?
- Go to Screen 17, Dispositions.
- Click on the Carryovers/Misc button.
- Scroll down to the Form 4797 section.
- Locate the Recapture 50% or Less Business Use heading.
- Enter the amount you want to print on line 33(a) in Section 179 expense deduction.
- Enter the amount you want to print on line 34(a) in Depreciation allowable.
Lacerte will generate a diagnostic reminding you that income from the recapture must be manually entered as other income on the form or schedule that originally took the deduction. See Troubleshooting diagnostic ref. 2025063 – Recapture amounts from Form 4797, Part IV for more info.
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