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In preparing my client's 2019 1040 I noticed that the prior depreciation amounts (from 2018) on the 2019 Depreciation & Amortization Reports is roughly half of what it should be, and the current depreciation for 2019 is a lot more than it should be (as if it's trying to make up for lost depreciation expense based on the asset acquisition dates), and some assets that had additions to them subsequent to the initial "date in service" dates, were not even on the 2019 Depreciation & Amortization Reports. As I always do, I transferred all of my client files from one year (2018 in this case) to the next year (2019 in this case) using the tax software's provision for this. This has never happened before. Should I try to retransfer the 2018 file into the 2019 software, or can I just correct the Depreciation & Amortization Reports in the 2019 tax schedules?
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Answers are easy. Questions are hard!
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I corrected the problem by deleting the 2019 ProSeries tax file for this client, and re-transferring the 2018 ProSeries tax file to the 2019 ProSeries software. All of the correct fixed asset items were in the depreciation reports for the schedules C and E for the 2019 tax preparation. 🙂 Thanks.
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"...As I always do, I transferred all of my client files from one year... "
Just an observation, IF you do that early in the year - you might want to consider waiting until the absolute last minute to do so as transferring early often causes problems as the early releases of the software usually have issues.
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Good idea. I'll do that next year. It makes sense. Thanks.
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I'll transfer a handful, especially if I need them to work on projections. But I try to wait until the *absolute* last minute to do all of them. Some preparers transfer one by one as the client sends in their info. I like to have ALL transferred before appointments start (which probably ain't gonna happen in 2021...) or before info comes in. YMMV.
