State Depreciation Report

[ELS VA]

My first year.......

I have exhausted alll searches on how to print detail state depreciation reports for a pass thru entity? Help please.

[dascpa]

You cannot.  Only if you use Fixed Asset Manager.

[ELS VA]

WOW. Is that a separate software purchase? So we just trust State depreciation is correct?

[dascpa]

It is a separate purchase unless you bundle it with the library purchase.  I never trust it the state depreciation schedule.  If not using FAM I run my own "decouple" schedule (for Maryland) to confirm both state depreciation as compared to Federal and to compare state gain/loss on disposals to Federal.

[ELS VA]

How do you decouple? Mine is VA and is why I moved to Proseries....

[dascpa]

Decoupling means the state rules don't match the Fed rules.  So it's a state by state thing.  For example, in MD Section 179 is limited to $25,000 per year, unlike Federal which is $1,160,000 with some adjustments.  Maryland also has different bonus depreciation rules than Federal.  

On the Asset Entry Worksheet there is Federal up top and state(s) below.  Just make sure your state numbers conform to your state's rules.

[ELS VA · Accepted solution]

Ok. I had done that with Virginia so still unable to print VA Deprec. Sad. I had used my other software 25+ years and had to move due to PTET.