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I hope someone can assist with an issue I'm having completing an 1120-s:
The company has right-of-use lease assets for vehicles and despite entering the information as shown below I can't seem to get the listed vehicles placed into service in 2024 to populate on Form 4562 in Part VI.
These amortizable ROU vehicles are set up as follows:
- Each intangible assets is lentered through the Depreciation section on the Quick Entry form and completed on the details form. These are listed after the depreciable assets.
- The following details have been entered for each:
- General Form : 8=Form 4562 Only
- Category: 1 = Automobiles/Transportation
- Date placed in service is entered
- Situs of property has been selected
- Cost Basis has been entered
- Method: 99 = Land or No Depreciation selected
- Life or class life has been entered
- Amortization code section: 178 = Sec. 178 has been selected
- Everything else is blank
- The amount of accumulated amortization prior to 2024 has been entered on the manual entry screen
On Form 4562 nothing populated into Part VI where it should be listing each of the 2024 intangible assets. I did manually enter the accumulated amoritizatoin prior to 2024 and that populates, but then ProConnect calculates the total amortization as the same amount as it isn't taking into consideration any of the ones entered for 2024
Thank you for the help.
Best Answer Click here
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I'm guessing this "Method: 99 = Land or No Depreciation selected" is the problem.
The more I know the more I don’t know.
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Thank you sjrcpa for the reply.
That did the trick. I was sure I read that for amortization you needed to select "Method 99" but you were right once I changed that to straight line it worked perfectly.
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You're welcome.
The more I know the more I don’t know.