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Calculating the Correct Accumulated Depreciation

This is more of a tip than a question.  As my clientele ages, I am starting to do more work where I need to calculate basis and stepped-up basis. Since ProSeries doesn’t carry basis, I reverse engineer it using the Asset Life History.  Original Basis - Accumulated Depreciation = Current Basis. But getting the correct depreciation is a little tricky.  In this example, I needed the basis through 2019, or through 12-31-2019. You might use the depreciation number in the 2019 box, but that’s not correct. That’s depreciation “prior” to 2019. You can calculate accumlated through 2019 depreciation by hand, or use the depreciation number in the 2020 box, $75,228. That's depreciation prior to 2020 and it's the number I am looking for.  Here's aDropbox link to my example:


Inadvertently using a wrong, lower, number, can have a fairly major effect on estate taxes and future capital gains.  William Bevan, EA

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