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This workaround will get you the correct CY depreciation. It won't reflect the date of retirement on the depreciation but will get the assets rolled over to the following year (as opposed to entering a retirement date, which will prevent the rollover).
- Under Deductions > Depreciation for each of the assets, click on the Auto & Additional Info. tab;
- Scroll down to the Additional Information section;
- On the line Number of months in short year, enter the exact number of month for which depreciation should be computed.
For step #3, you must take into account the applicable convention. For example, if it's mid-month convention, you'd have 5.5 month based on 6/30. In this case, if you were to enter 6 months, ProConnect Tax will compute depreciation for a full 6-month.
On the depreciation schedule, no date will appear under Date Sold and Rate will still show the full year's percentage. However, Current Depr. will show the correct amount based on 5.5 months in this example.
Similarly, 2023 Depreciation Schedule will show the correct amount of accumulated depreciation. But you will apparently need to account for the lower of FMV and adjusted basis when it's back in service.
Still an AllStar