how does pro series calculate depreciation?

[oldsheldon]

client places in service non residential real estate on march 20 2023. 100% business

J1 in proseries.  basis = 2,850,000 which includes land of 962,466.

proseries comes up with  16,325 of deprec.

irs table  A-7a shows  2.033% yielding  2850000-962466=1887534 * .02033= 38374

am i in the wrong table? proseries help  seems "closed" this weekend. odd.

thanks, old sheldon

[Terry53029]

did a practice mock up, and I come up with 38315. ProSeries Pro 2023

[oldsheldon]

hello terry- what could i be clicking wrong in the locator?

[Terry53029]

Not sure unless you changed MACRS options. Scroll down on the worksheet to the bottom to see what method you are using. Should be MACRS, MM SL, 39 years, basis 1,887,534

[oldsheldon]

terry thank you. i am showing at bottom of w/s

"use irs tables for macrs property?"       yes (tried "no" does not change)

deprec type     macrs

asset class      NR  lights up red    but no error message   NR is only possible answer

deprec method                sl

macrs convention       mm

year of depec      2   this is filled in by proseries and  cross ref says it is for info only

recovery    39

deprec basis    1,887,534   (correct number)

appreciate your help.

[TaxGuyBill]

---

@oldsheldon wrote:

asset class      NR  lights up red    but no error message   NR is only possible answer

year of depec      2   this is filled in by proseries and  cross ref says it is for info only

---

It shouldn't be red and it should show Year 1, not Year 2, so something is acting up weirdly.

• Have you verified you entered 2023 for the placed in service date?
• Does it show any prior depreciation?  Or any 179 or Bonus?
• Does the actual Asset Entry Worksheet show the wrong depreciation, or is the depreciation correct on the Worksheet and carried to Schedule C/E/F incorrectly?
• Have you tried deleting the Asset Entry Worksheet and enter it again?

[oldsheldon]

thank you bill- very much- i will try these- sounds like i need to delete w/s and start over.

[oldsheldon]

pro series was no help. after giving up on proseries, one of my staff and i fumbled around for an  hour and kind of stumbled into what was wrong

the problem was that this was the initial year for the entity

i did not click that somewhere else maybe in general info, did not seem to me to impact depreciation. once clicked, pro series gave me correct deprec.

will use community before proseries.