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I've had two depreciation issues pop on in my 2022 1120S auto depreciation schedules. I have talked to ProSeries and they are aware of the issue, but I am not seeing it listed on the community discussion so I thought I would put it out there in case someone else is experiencing the same problem. FYI - I am using Proseries hosting, so I'm not sure if this is happening in the desktop version.
Scenario 1: An auto that was put into service in 2013 and is fully depreciated, transferred over to 2022 as years 2013 - 2018 showing as 0 under the depreciation history. The 2022 depreciation history is also now showing depreciation to be taken for years 2019 - 2034!!!
Scenerio 2: Under a different Client. Auto put in service in 2016 (Cost $15,932) and fully depreciated under section 179 was sold in 2022 in the amount of $1200. This should result in a $1200 LTCG since basis is zero. Proseries calculated this sale to come out to be a loss of -$14,732!! It's easy to figure out the math, Proseries calculated the orignally purchase price ( $15,932 - $1200 = $14,732)To make things worse, the 1st customer service agent I talked to basically had no idea what I was talking about!
INTUIT you must make preparers AWARE of these errors, it's a BIG DEAL and it should be a top priority! We are dependent that you are carrying over depreciation CORRECTLY and we shouldn't have to second guess that a sale of a business asset is being calculated incorrectly.