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schedule c - fully depreciated vehicles not showing on depreciation schedule

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schedule c - fully depreciated vehicles not showing on depreciation schedule

PAMS

On a schedule C, if a vehicle is fully depreciated, it is not listed on the depreciation schedule.  The depreciation schedule provided by Pro Series is incomplete and therefore, incorrect.  Total assets, total section 179, total special depreciation and total prior depreciation do not match the financial statements.  This has been an issue with clients because they DO NOT SEE all assets listed on their depreciation schedule and has also become an issue with financial institutes for clients applying for or renewing loans.  The banks are matching financial statements to tax returns ... and the depreciation schedule Pro Series provides DOES NOT MATCH their financial statements.  This leads to loans being questioned, delayed or even rejected by financial institutes.

This is a change Pro Series elected to make several years ago ... ALL ASSETS used to be listed correctly.  Please return to the past printing format of the depreciation schedule for vehicles.

On business returns (1120, 1120S & 1065), ALL vehicles are listed on the depreciation schedule, whether fully depreciated or not.  

 

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1 Comment
TaxGuyBill
Level 15

This isn't ideal, but if you want a work-around ...

If it is fully depreciated, check that box that says it qualifies for the Standard Mileage Rate (even if it doesn't) and then check the box to force Actual Expenses.  For some reason, it will show up that way.

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