in 1040 program Proseries land on depreciation schedule is totally different BAD

Forum|Forum|6 years ago
February 8, 2020
3 replies
44 views

In the past you could list land on the depreciation schedule for Sch E or Sch F with the cost in one column and cost of land in the other with a code of real property and all was good. There was no depreciation taken and when you sold it you entered the sales price and the calculation was done correctly.

Now there is a red error warning saying that you cannot enter it that way. You have to take out the date of service and put Code X in the asset type box. And it will not let you sell the asset from the asset depreciation screen. You have to input all the info directly on Form 4797. ??????

Why the change?? It still works the same as always in the 1120S and 1065 program.

ProSeries Professional

This topic has been closed for replies.

Accountant-Man

Level 13

Other people have reported this too. Do you mean an asset that is only land, and no building?

I entered a new building cost 10k, land value 33. Used code I. I shows no errors.

I tried code X. Land 10k. Both dates showed errors. BUT WHY ENTER DATES IF YOU DON'T NEED THEM SINCE YOU DON'T DEPRECIATE IT?

That's my solution.

** I am "Elevating with Intention!"

J

John RAuthor

Level 2

Hey Accountant-Man,

Thanks for the quick reply.

I have used this program for 20 years and I have always been able to list land with no building on the schedule without any errors. It is entered as non-residential real property with code J1. The total cost and the land cost are the same so there is no depreciation calculated, BUT the information is there when the land is sold. Now the program using Code X only keeps track of the land cost with no acquisition date and will not allow me to enter the sale info from the asset screen. I must go directly to Form 4797 and reenter all the information to record the sale. It has never been this way until this year and still is handled the old way in the 1120S and 1065 programs. Very cumbersome.

Accountant-Man

Level 13

If it ain't broke, they'll fix it!

** I am "Elevating with Intention!"

Sign up

Login with SSO

Let's get you signed in

Login with SSO