https://proconnect.intuit.com/community/help-articles/help/entering-depreciation-for-new-clients/00/...
Entering Depreciation for New Clients
When you have a client with existing depreciation and you are entering for the first time into the program, follow the steps below:
- Go to the Depreciation (4562) screen.
- Enter pertinent information into the grid
3. Fill out Prior Depreciation/Amortization and Prior Section 179 in the Federal Depreciation section under Regular Depreciation. 4. For business returns (Partnership, S-Corporations, Corporations, and Exempt Organizations), you must go to the Balance Sheet screen and enter the amounts forBeginning : Buildings and Other Depreciable Assets and Beginning : Less Accumulated Depreciation for assets placed in service in a prior year.
ProConnect Tax Online will not transfer prior year assets of a first return by filling out the beginning balance. If the asset is placed in service in the current year, the program will include the amounts in Ending : Buildings and other depreciable assets and Ending : Less accumulated depreciation.
Answers are easy. Questions are hard!