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- Best Practice Opinion - 754 Depreciation Data Entry
Best Practice Opinion - 754 Depreciation Data Entry
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dascpa
Level 11
07-25-2020
10:55 AM
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Would appreciation opinions - client with roughly 100 fixed assets. Using ProSeries Fixed Asset Manager. One member died. Concerned about future single/multiple asset disposition as a lot of the assets are land or tenant improvements. I can do grand total category 754 entries (39 year, 15 year, etc.) [pain if disposing of a single asset within a category] or I can do step up asset for each asset [pain on set-up but easier on disposition]. What are you all doing in your firm?
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TaxGuyBill
Level 15
07-25-2020
11:22 AM
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@dascpa wrote:One member died ... or I can do step up asset for each asset
Member? Or spouse? Is this a Qualified Joint Venture?
Personally, if a step-up applies I would enter it all. It's a bunch of work to start off with, but not as much of a pain as splitting them back up if one of many are disposed of.
