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Level 3
Feb 10, 2021 3:41 PM UTC
Solved

Amending Form 1120

I am amending to include a carryback loss. the fiscal year is 10/1/2016 - 9/30/2017. The problem is re-creating the original return (I didn't prepare) Form 4562 has an entry for Part III - i, nonresidential real property. It is for a roof on a building - the previous preparer has it listed as 39 year property, MM convention, SL method. Now here is the problem, the date placed in service is 3/14/2017 for $18,800 and the current year depreciation is 262. I can't get it to add the current year depreciation (2016), it wants to carry it to 2017 return. I have tried the quick-entry of the item and the direct input, both without showing any depreciation at all. Is there a way to over-ride this? Or am I missing something?

Thank you for your suggestions.

Pattie

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George4Tacks
Level 15
Feb 10, 2021 3:53 PM UTC

Did you indicate beginning month 10 in the client information screen > Miscellaneous > Fiscal Year End ? 

Answers are easy. Questions are hard!

5 replies

George4Tacks
Level 15
Feb 10, 2021 3:53 PM UTC

Did you indicate beginning month 10 in the client information screen > Miscellaneous > Fiscal Year End ? 

Answers are easy. Questions are hard!
capattie4Author
Level 3
Feb 10, 2021 4:29 PM UTC

Thank you! That was it! Those little things....

Pattie