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- Entering Asset into Lacerte Not Placed in Service Until The Following Year
Entering Asset into Lacerte Not Placed in Service Until The Following Year
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CPA4Life
Level 2
02-19-2021
10:56 AM
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So I have an client who has a well installed but it was not placed in service or running until 2021. Is there an option on Lacerte where I can put the asset in Lacerte and it automatically starts depreciating the following year? I mean I can just date it 1/1/2021 but was wondering if I can date it the day they purchased it but not start depreciating until the following year?
Thank you!
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1 Comment 1
Strongsilence-C
Level 10
02-19-2021
11:25 AM
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I think you must choose the No Depreciation method for this year. Then change it next year to the correct depreciation method and actual date in service.
