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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Switching from SMR to Actual
Switching from SMR to Actual
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SumBookkeeper
Level 1
03-20-2024
09:07 AM
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Client took SMR first year and now insisting on actual. I would like to show him both ways to show SMR is likely better but having trouble entering the vehicle in Procon. Client is new to me.
Original basis is 5000 and i figured he took 2,470 in prior dep based on smr. I have entered those values with a remaining life of 4 years. Procon is calculating current depr at 25% of the $5000. That doesn't seem right. Shouldn't it be less the 2470?
How do I enter this? Thanks!
1 Comment 1
TaxGuyBill
Level 15
03-20-2024
10:39 PM
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I agree, that is wrong. But I don't use ProConnect so unfortunately I can't guide you.
I don't know of anybody that does this, but technically you need to depreciate it over the remaining "useful life" (three years???), not the five year Recovery Period and you are supposed to use Salvage value. But as I said, I'm not aware of anybody that actually does that correctly (including me).
