Zero prior years and current year depreciation on vehicles

[Kaye]

Asset History shows zero depreciation 2017-2022 for a van placed into service in 2017. Depreciation was calculated in each year in the program 2017-2021. Why the zeros on the "Asset Life History" worksheet?

Does anyone else have this issue which I've been trying to get resolved since Jan 26th! 

[Just-Lisa-Now-]

Ive seen a few other complaints about this...did the client file get transferred into 2022 before mid-January? 

Early transfers are notorious for missing items like this, I always recommend not transferring in until late January when the program is more complete.

[ajp]

I have a similar issue.  Vehicle from 2014, special depreciation used that year, and it has been fully depreciated.  However, the program is trying to depreciate it this year too.  When I look at the history, it has zeros for several years. If I enter the full amount of depreciable basis for "prior depreciation" it still won't remove the current year depreciation, but it does give me a nice error for trying to depreciate more than allowed.  

I was thinking it might be a software bug and I am hoping an update will solve. 

[ajp]

That is interesting Lisa.  I would delete the file and transfer again if I hadn't already had a lot of time with this return. 

Amy

[Just-Lisa-Now-]

And that's the part that makes it such a pain, you dont notice that stuff is missing until youve already done a bunch of work to the return!

I only transfer clients in as their info gets received, it keeps my HB easier to manage and I avoid early file transfer issues like this.

You may have to print out the 2021 Depreciation report and go through each asset entry worksheet and enter the prior accum depreciation....that may be less work than re-doing the entire return.

[Kaye]

I noticed the problem on Jan 26 and called. I was told it was a known issue and being investigated.

Three weeks and no resolution????????????????????????? YIKES! I did call today for an update and got NO info!!!!!

[Just-Lisa-Now-]

so you transferred the file into 2022 on Jan 26th or was it earlier in the month that the file was transferred into 2022? 

If you go back to 2021 and save a copy of the same file under a different name, then transfer it into 2022, does the same thing happen?

[Kaye]

 - transferred Jan 23rd!

[TaxGuyBill]

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@Just-Lisa-Now- wrote:

You may have to print out the 2021 Depreciation report and go through each asset entry worksheet

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I could be wrong, but only remember seeing this complaint for pre-2018 vehicles (50% bonus and before the increased Luxury Limits).  *IF* that is the case, then that may be the only thing we need to watch out for.

[Just-Lisa-Now-]

is this the only one youve noticed it on or is it still happening? 

I just went back and spot checked a few of my earlier transfers, everyone looks ok for me.

I doubt you'll see any "fix" for returns that have already been transferred in but have an issue, you're going to have to correct this manually.

[Kaye]

I hear you!!!!!!!

[taxes96786]

make an adjustment to zero out the depreciation.

[Kaye]

I thought your suggestion was worth a try. Guess what................... the Asset History Life STILL transferrs INCORRECTLY!!!!!!!!!!!!!!!!!!!!!!!!!! Thanks, though

[Rafal]

I have the same issue. The asset history life does not correspond to depreciation taken when special depreciation is taken. Moreover sum of the accumulated depreciation in future is bigger than deductible portion of asset.