Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Depreciation Overrides

2020TaxLady
Level 2

New S-Corp client has assets with prior and current depreciation.  When assets are entered into ProSeries, my depreciation and asset depreciation history does not match the previous tax return or asset depreciation history.  I have overridden these amounts to match and have tried to e-file, but keep getting an error.  I can't e-file a return with overrides.  Any help or suggestions would be great.

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

2 Comments 2
Terry53029
Level 14
Level 14

You don't override to match previous deprecation taken. Make sure you have entered assets correctly, as to date in service, class life, etc. If it does not match previous tax returns, then you inform client of that fact, and tell him what you recommend to correct the previous errors. You always do the current years taxes correctly, and do not carry on with incorrect data from prior years

qbteachmt
Level 15

"New S-Corp client has assets with prior and current depreciation."

New Client or new S Corp? Or, both? Is this the same entity as the prior depreciation?

*******************************
Don't yell at us; we're volunteers
0 Cheers