2006682
The following diagnostic is generating:
Depreciation asset # : An election statement is available to support the election to not apply like-kind exchange regulations 1.168(i)-6T."" (ref. #2006682)
Solution:
Informational diagnostic: This diagnostic will generate if you have checked the box Simplified method - elect to not create carryover basis assets in Screen 22, Like-Kind Exchanges (8824), without providing information about the property being given up. Go to Screen 22, Depreciation. Highlight the asset being given up. In the section: Choose How to Create New Asset(s): Enter the Election Information for the property that was given up. Description of property (code 810). Cost or basis of asset (code 246). Date placed in service (code 248). Date of exchange (code 297).
*NOTE: Lacerte will enter this information automatically if you use the Like-Kind Exchange Wizard. If the diagnostic is generating for property received: Go to Screen 22, Section Carryover Basis Depreciation: Delete the entry in Name or number of primary asset in like-kind exchange. Input in this field is applicable only when the Simplified Method has not been chosen.
