Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Stop date for depreciation on a property that was under depreciation for 2022 and until Nov 15th, 2023
Stop date for depreciation on a property that was under depreciation for 2022 and until Nov 15th, 2023
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Tax Prepper
Level 2
05-24-2024
01:14 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The clients had a property on their 2022 return that was depreciating Building which was the home. They moved into this property as the primary residence on November 15th 2023.
How do I enter depreciation for the property up to the date they moved in for the 2023 return in Lacerte? How do I enter a stop date for depreciation?
Shouldn't they be able to depreciate up to the date it became their primary residence.
1 Comment 1
abctax55
Level 15
05-24-2024
03:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
In date of sale, enter when it was removed from service as a rental. Yes, on real property you get depreciation on the mid-month basis.
Do not enter a sales price.
Keep the depreciation schedule showing the accumulated for as long as they own the property - you may need that info down the road.
You can also maintain the asset(s) by changing the Form to 17 (F 4562 only) to the info stays with the file when you proforma - but after the return is finalized.
HumanKind... Be Both
