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Depreciation -179

cpa1008
Level 2

I inputted assets on the Lacerte and it automatically deducts as section 179 which I do not want to.

Is there any way that I do not do the 179 deductions on the asset entry?

 

1. Detail

pic 1.JPG

2. Dep Schedule

Pic2.JPG

Thank you

 

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1 Best Answer

Accepted Solutions
George4Tacks
Level 15

Shown in the input screen you posted as Special Depreciatiation.  Select NO if you don't want it. 


Answers are easy. Questions are hard!

View solution in original post

11 Comments 11
abctax55
Level 15

Are you sure it's §179, and not bonus depreciation that "Lacerte is automatically" deducting?

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
sjrcpa
Level 15

I believe it is automatically claiming 100% bonus depreciation. You can elect out.


Ex-AllStar
cpa1008
Level 2

Thank you for reply.

Im working on F1120, and when I input the 2019 asset, it automatically goes to the current 179 deductions on the form. 

Cant find the tool 😞

Thanks

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cpa1008
Level 2

Yes,

I inputted 2019 Asset, and it goes to Section 179 deduction.

On the Detail, there's no number on section 179 but when I go to Forms and click 2019 depreciation the 2019 assets depreciated with the 179 deductions. (F1120)

Dont know what to do.

 

Thank you

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sjrcpa
Level 15

That's bonus depreciation.


Ex-AllStar
George4Tacks
Level 15

Shown in the input screen you posted as Special Depreciatiation.  Select NO if you don't want it. 


Answers are easy. Questions are hard!
abctax55
Level 15

"... when I go to Forms"

As in Form 4562, line 12 is showing §179 equal to the cost of assets put in service during the current year?

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
cpa1008
Level 2

Thank you so much!!

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cpa1008
Level 2

oh got it! Thank you so much!

abctax55
Level 15

YVW - pick one answer & mark it as the solution, please.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
cpa1008
Level 2

Thank you so much!!