Asset purchase date under asset disposition section of asset entry

[TomCT]

  Why is this worksheet requiring me to fill in an asset purchase date under the asset disposition section when this is a new 2018 asset with no disposition.  If I fill in the purchase date in the worksheet section the software assumes it has been sold and treats the entire balance as an expense.  Doesn't make any sense to me that I MUST fill in this date.  If left blank it shows as an error.

[TaxGuyBill · Accepted solution]

It is part of the Bonus Depreciation requirements.  One of the rules for Bonus Depreciation needs to know the purchase date.

Why we need to enter it in the disposition area rather than near the Bonus Depreciation area, I have no idea.

[IRonMaN]

Because that was the easiest place for the programmers to sneak it in :stuck_out_tongue_winking_eye:

[The_AntiTax_Man]

Why not automatically link it to the Asset Information, Date placed in service field? Date purchased and date placed in service is the same more than 99% of the time.

[Just-Lisa-Now-]

You're asking the wrong people why the programmers do what they do.

[TaxGuyBill]

It may be the same 99% of the time, but there is that 1% of the time which would require a separate field to be entered.

[The_AntiTax_Man]

Way over 99% of the time Bill.  But not to worry, the 2018 1120 module Federal Asset Entry Worksheet now has two data fields, one under the other, labeled 'Date acquired' and 'Date placed in service'.  Enter the date into 'Date acquired' and the 'Date placed is service' defaults to the same date automatically. PRESTO!  DONE! This feature will likely make it into the 1040 module...….never.