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Level 2
December 7, 2019
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How to record construction in progress

  • December 7, 2019
  • 1 reply
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tax payer is making LHI for a future dental office. He has a construction loan.  The construction will be finalized in the next tax year, so not depreciable this year.
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Best answer by sjrcpa

To track the cost in Lacerte, I put it on the depreciation schedule and use 99 for the method if there is no Balance Sheet.. On  the Balance Sheet i call it Construction in Process.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

To track the cost in Lacerte, I put it on the depreciation schedule and use 99 for the method if there is no Balance Sheet.. On  the Balance Sheet i call it Construction in Process.

The more I know the more I don’t know.