Disposed property showing up in next year depreciation

[Babak]

A partnership sold a commercial property in 2024, I entered everything regarding the disposition of the asset and check all related sections (dep recapture, calculated gain, etc.). When I run the "review return" and check the "Next Year Depr: Depreciation Schedules" it shoes that it will be depreciated next year. Why is it like that? How come it's not removed from the depreciation schedule and it is still depreciated?

[George4Tacks]

Did you enter date of sale for each aaset?

Look up bulk sale of assets

https://accountants.intuit.com/support/en-us/help-article/federal-taxes/enter-bulk-sale-assets-proco...

[Babak]

Yes, I have for both of them, but it still shows up on next year depreciation schedule.

[George4Tacks]

When you look at the 2023 depreciation schedule, does it show the date of sale? Ignore. I missed something.

Very possibly it is just a programming glitch. Are you using the Tax Advisory to see this next year depreciation schedule?

[Babak]

Yes, 2024 dep schedule shows the date sold for both of them, but there is no date sold in 2025 schedule and the building is being depreciated. I just clicked on "Review Return" to see the forms and next year dep schedule.

[George4Tacks]

I just tried this on a 1065 and I do see what you are speaking of. @Anonymous might be able to alert programmers about this, but personally I would just use a pdf editor to delete the page before giving it to your client. It really has no impact and unless you want to directly reach out to support it likely won't be fixed soon. 

Contact support.

https://accountants.intuit.com/support/en-us/help-article/intuit-account-settings/contact-proconnect-tax-help/L031xWrR5_US_en_US?src=g4t

[Anonymous · Accepted solution]

Hi @Babak  & @George4Tacks 
We reviewed this topic and here's the notes I received: If you made an entry in the field "Percentage (.xx) or amount of basis sold" in the Disposition section on that asset and put in 100, the program is reading it as $100 (not 100%) and instead of the entire asset being sold, its only selling $100 of that asset.  We recommend to leave that field blank if the entire asset is being sold.  

Let us know if this helps, if not, contact us for help to get more information on your particular topic.

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