Lacerte will automatically include amounts on Form 4562, line 16 from the Depreciation screen if depreciable assets have:
- An ACRS method selected (Methods 30-83), or
- A method 91 selected (with no Amortization code section selected).
- Go to the Depreciation screen:
- Screen 22 (Individual)
- Screen 14 (Partnership)
- Screen 21 (Corporate)
- Screen 16 (S Corporate)
- Screen 27 (Fiduciary)
- Screen 39 (Exempt Organization)
- Click on the Asset or Add from the left navigation panel.
- Enter the applicable information for the asset (if not already entered).
- Select 91 = Straight Line from the Method drop down menu.
- Scroll down to the Federal Depreciation section.
- Locate the Regular Depreciation subsection.
- Enter the Life of class life (recovery period automatic). (Example: Enter 15 for 15 year class life.)
- Go to the Direct Input screen:
- Screen 23 (Individual)
- Screen 15 (Partnership)
- Screen 22 (Corporate)
- Screen 17 (S Corporate)
- Screen 28 (Fiduciary)
- Screen 40 (Exempt Organization)
- Select the applicable form from Form (Ctrl+T).
- Locate the Part II- Special Allowance and Other Depreciation section.
- Enter amount in, ACRS and other depreciation.
*Note- Form 4562 must be generating or forced for the amounts to show on line 16. See Generating Form 4562 for Depreciation for more information.
Per the form 4562 instructions,
- ACRS property (pre-1987 rules). See Pub. 534.
- Property placed in service before 1981.
- Certain public utility property which does not meet certain normalization requirements.
- Certain property acquired from related persons.
- Property acquired in certain nonrecognition transactions.
- Certain sound recordings, movies, and videotapes.
- Property depreciated under the income forecast method. The use of the income forecast method is limited to motion picture films, videotapes, sound recordings, copyrights, books, and patents..."