Business truck sold for $10,000 in 2020 that was placed in service in 2009 under method 43 MACRS 5-year % Vehicles over 6,000 lbs, no limits. In 2009 the entire $60,000 cost was deducted under section 179. This $60,000 has been carrying forward each year under Regular Depreciation - prior Section 179 expense in black (the values that carry forward each year). In 2017, there appeared a new value under AMT Depreciation of $60,000 under Prior depreciation (MACRS only). Now 4797 p2 (AMT) Part III line 22 depreciation is $120,000. Is there any reason section 179 would be double counted toward lowering the basis or is this most likely a typo on the 2017 depreciation screen?
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I see what you see. I would simply delete that prior year AMT depreciation of $60,000. I do see it being doubled.
Before you do the deletion, make a copy of the return and use Ctrl + Q to send a copy of the return to Lacerte with your description of the problem. That way they can make a correction to the software. Maybe @IntuitGabi can alert the programmers to look for this error.
Definitely! Thanks. @George4Tacks
@LSTAX Comment your token file onto this thread and I'll pass it along. Thanks for reporting.
I have had trouble accessing this board - keep getting "bad server request" messages. I finally tried using a different browser and can reply. I made a copy of the lacerte file and used CTRL Q which gave me the communication manager. I think I sent the file, but there was nowhere that I could see to add my description. Thanks for your help!
When you say "I see what you see" is it happening in your client files too? I tried sending the file with Ctrl Q but I never heard if it went through. Thank you
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