Rental Depreciation, Prior and new

Forum|Forum|4 years ago
March 18, 2022
3 replies
28 views

I have two new clients this year that have rental with depreciation. One is new to rental but has multiple items to depreciate, to include the property, solar, appliances. The second client has been renting the multiunit property for a couple years and has an Asset schedule for each unit showing item, basis, date placed in service, prior depr, method and current year depreciation. Is there such a form in ProSeries Basic or do I have to list each separately in Asset worksheet. I've called for Intuit 2 times for support on this and neither had a clue. Thanks.

ProSeries Basic

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dkh

Level 15

You will have to enter each separately in the Asset Entry Worksheet. That's the only way to produce the depreciation schedule with the detail showing item, basis, date placed in service, prior depr, method and current year depreciation.

C

COSkiBumAuthor

Level 3

Thank you but one last thing. The responder said "the only way to produce the depreciation schedule". If I enter everything on it's own Asset Entry Worksheet (that means every frig, stove, property, etc. which is a lot) does it eventually produce a one page depreciation schedule or not? In ProSeries Basic I can get a Asset History showing future depreciation per depreciation specifications on one page but that doesn't show prior depreciation. Thank you again.

dkh

Level 15

Not sure how it works in Basic but in Professional we have the option to print depreciation schedule for ALL assets or by each rental property, sched c, sched f.

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