Will LaCerte be adding fields to select the Iowa depreciation methods for farm equipment and like kind exchanges for equipment?

[fclark]

2018 Iowa Depreciation.  Iowa did not couple with the federal regarding Section 1031 for non-real estate property nor did Iowa couple with federal on depreciation methods for farm equipment.

[George4Tacks · Accepted solution]

Lacerte has always had a state (if different) entry for depreciation. I can't speak to how a 1031 would be handled, but my guess is that if IA does not conform, Lacerte would know that. I will ask a moderator.

[George4Tacks]

@IntuitAlicia - Could you check into Lacerte handling of the items in question?

[IntuitAlicia]

Thanks, like you mentioned, we already provide a way to show a different depreciation method, etc. for state vs federal.  
There will be a few changes to the program to address this including diagnostic messages (informational around auto limits, bonus depreciation, farm assets (200DB / 5 year / res ADS).
Once the IA forms are included in product, we'll know more about the LKE treatment.  If IA does not conform, we'll be on the look out for an automatic adjustment, or a diagnostic that indicates an adjustment is required.
This is what we've got for now, with more to come.

[benrouse]

Is there any more to update on this issue?  IA is definitely NOT coupling with like kind exchange, or 200DB, or 5 year life for new farm equipment.  We're really struggling getting depreciation correct for farmers and especially those that traded machinery and had past carryover basis.

[George4Tacks]

@benrouse There have been recent updates. Have you installed them? If the problem persists, use Ctrl + L to create a service request. Attach a file with this problem and clearly state what is not working. Hopefully that will trigger a fix by Lacerte.

[IntuitAlicia]

2018 Lacerte Release Schedule: https://accountants-community.intuit.com/articles/1738593&src=lsccom