taxes4officers
Level 1
12-07-2019
03:26 AM
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Just-Lisa-Now-
Level 15
12-07-2019
03:26 AM
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You shouldn't have to try and override anything...describe your situation and maybe someone can walk you through the proper entries.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
12-07-2019
03:27 AM
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Lacerte allows specific allocation of depreciation without overriding; I'm curious whether PS has the same feature?
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Just-Lisa-Now-
Level 15
12-07-2019
03:27 AM
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Theres a place to enter business use % on the asset entry worksheet.
I tend to go old school and make all my percentage splits on a piece paper then enter the correct amount for that person on the asset entry worksheet...if they bought a rental for 300K, owned 50/50 I just enter the cost of 150K on each persons asset entry sheet.
I had one the other day, boyfriend girlfriend bought a new house with a granny unit and immediately began renting the granny out...had to decide on the granny unit % for the property, then split everything 50/50- between them.
So granny unit was 25% of property, and each of them got 50% of the 25% on asset entry and the 1098 deductions and the with the main house being 75% of the property and they split that 75% of the 1098 50/50 between them.
Girlfriend had another house with a granny unit she'd been renting for years, but she moved out of the main house when they bought the new house together, and she started renting the main house out too mid year....so I had that main house and granny unit, granny had been rented all year, main house for half the year and had to do all those % splits for her return as well.
I got too confused trying to let ProSeries do the percentages for me.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
I tend to go old school and make all my percentage splits on a piece paper then enter the correct amount for that person on the asset entry worksheet...if they bought a rental for 300K, owned 50/50 I just enter the cost of 150K on each persons asset entry sheet.
I had one the other day, boyfriend girlfriend bought a new house with a granny unit and immediately began renting the granny out...had to decide on the granny unit % for the property, then split everything 50/50- between them.
So granny unit was 25% of property, and each of them got 50% of the 25% on asset entry and the 1098 deductions and the with the main house being 75% of the property and they split that 75% of the 1098 50/50 between them.
Girlfriend had another house with a granny unit she'd been renting for years, but she moved out of the main house when they bought the new house together, and she started renting the main house out too mid year....so I had that main house and granny unit, granny had been rented all year, main house for half the year and had to do all those % splits for her return as well.
I got too confused trying to let ProSeries do the percentages for me.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
rbynaker
Level 13
12-07-2019
03:27 AM
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That's exactly how I do it. I also put "(50%)" at the end of the asset description. That's mostly to protect me from myself later. 🙂
abctax55
Level 15
12-07-2019
03:27 AM
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I'll get right on that.....
As this is your first post, you probably don't realize this is NOT Intuit or PS support. This forum is for users of the software, just like you, to try to help one another and prevent that dreaded call to support.
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fiveotax
Level 1
01-23-2020
06:48 PM
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Using 50% Business use on the Asset worksheet doesn't work when the property is sold. It messes with the capital gain.