Im a new user. i have sold some assets, how do I delete assets in depreciation module. on the schedule what does the delete this year/next year buttons do?

[MSU Class of 75]

i sold a rental home and along with the sale I left depreciable furniture king beds, washer

[itonewbie]

You have sold some assets and you are a new user of ProConnect Tax Online?  If so, you have chosen the wrong product.  ProConnect Tax Online is a professional tax product and is not designed for novices who are familiar with tax laws.  You also cannot e-file a return with ProConnect Tax Online without an EFIN.

Before you get too deep, you should buy yourself a subscription for TurboTax or similar consumer tax software.

[itonewbie]

Ah, I see your other threads and that you've been using ProSeries for 30 years... Let me answer your question in a minute...

[itonewbie]

To delete a line item for depreciation, go to Deductions > Depreciation, and click on the trash can icon on the far right of the asset you'd like to delete.  This will remove the asset altogether, no depreciation for the year will be computed, there'll be no trace of the asset, needless to say that the asset will not be proforma'ed to next year.

If you enter 1=delete this year, the asset will remain on record but no depreciation will be computed.

If you enter 2=delete next year, depreciation will still be computed for the current year but the asset will not be proforma'ed to the following year.

You may also like to refer to this article for how entries should be made when assets are being disposed of: https://proconnect.intuit.com/community/form-8949/help/entering-a-sale-or-disposition-of-assets/00/5...