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Best Answer Click here
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You are required to do depreciation according to IRS rules. not what was done incorrectly in past years.
You need to advise client if it was incorrect in past.
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It is permissible to elect SL when assets are placed in service.
The more I know the more I don’t know.
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Thank you. My question is how do I mark that without creating an override?
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The program still marks it as an override (I'm not sure why). But I don't think that one causes an e-file problem.
In the event it does have a program due to that 'override', you can e-file through the Homebase, then check the box to disable error-checking.
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Just thinking out loud. Would you use the "other" method and then manually put the method/life/etc. down at the bottom of the Asset Entry Wks?
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That would probably work, and wouldn't need to 'override'. But it seems like more work. 🙂
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I don't see where to select "other". I'm working in ProSeries Basic. I don't want to have to reenter all of the data in ProSeries Professional.
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Do you know if this is a method available in Basic? I've never tried that before. Honestly, in the years I've been e-filing (and always with ProSeries) I don't ever remember having an override.
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On the asset entry worksheet, go to "type of asset" and select "other" which is the next to last item in the drop-down. Then go to the bottom of the worksheet and fill in the appropriate boxes.
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Thank you so much.