QBI: I use an independent Depreciation Software. How can I tie asset sales from Form 4797 input screens to the QBI calculation for Schedules C or F - without overriding?

[itonewbie · Accepted solution]

If you do not want to import the details into the depreciation screen, you can enter the disposition details directly on Screen 17.1.  The amount of depreciation allowed is entered under the "Form 4797".  You can then also link the sale to the relevant business under the section for "Corresponding Activity Information" with the following dropdown:

• Form number of related activity (Ctrl+T)
• Activity name or number (Ctrl+T)

You should, nevertheless, note that your CY depreciation allowance will still need to be entered separately for the relevant business activities.

[bjashcpa]

Thank you!  That is exactly what I was looking for!  I guess I didn't read that heading after "Passive" - and just figured it didn't apply!  This will help a lot until I have the time to transfer all my depreciation schedules to Lacerte!  Thanks again!!

[itonewbie]

NP. Glad it helps!

[George4Tacks]

I would just import the data to Lacerte as the safest method. https://accountants-community.intuit.com/articles/1862398-fixed-asset-import-common-questions

[bjashcpa]

I am trying to get around this.  I figured I could add the assets sold into the Depreciation screens and sell them their, but was hoping for something on the 4797 screen that would tie it to the particular business.  I would think this can be a simple "check the box" addition to the program.

[itonewbie]

Please see my response for how to tie the sale to the relevant activity.

[bjashcpa]

Yes, I see you mentioned the importing as well.  However, if there is a way to link a sale to an activity without importing, that would be my preferred method.  Thanks.

[itonewbie]

Agree with George.  Also check that you have each asset/bulk disposition tied to the relevant schedule and activity under Federal Depreciation / General.  So long as that particular activity is eligible for QBID, the sale would then be taken into account.

[hollyjonescpa]

I'm having this exact same issue with Proseries.  Any insight on the ProSeries software by chance?

[itonewbie]

@hollyjonescpaSuggest you open a new thread of your own.