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Common questions about depreciation Form 4562 in Lacerte

by Lacerte Tax 2022 Updated 1 year ago
  1. Open Screen 22, Depreciation.
  2. In the Show Assets for list, click the form that the asset relates to.
  3. In the Show Assets for list, click the Activity Name or Number that the asset relates to.
  4. In the Asset list, click Add.
  5. Enter a description of the asset in Description of Property.
  6. Enter the date the asset was placed in service in Date Placed in Service (Negative Date = Various).
  7. Enter the cost or basis of the asset in Cost or Basis.
  8. Click the arrow beside Method (Ctrl+T), and then click a method of depreciation for the asset.
  9. Complete the remaining input fields for the asset as necessary
  1. Open Screen 22, Depreciation (4562).
  2. In the Show Assets For list, click the form that relates to the amortization expense.
  3. In the Asset list, click Add.
  4. In Description of Property, enter a description for the amortization expense.
  5. In Activity Name or Number (Ctrl+T), enter the activity name or number of the form or schedule to which the asset relates if you have more than one form type in step 2.
  6. In the Section list, click Federal Depreciation.
  7. In the Federal Depreciation section, enter 8 for Amortization in Category.
  8. In Date Placed in Service, enter the date in m/d/y format that the amortizable expense occurred.
  9. In Cost or Basis, enter the amortizable amount.
  10. In Method, enter 91 to select the Straight Line method.
  11. In Life or Class Life, enter the amortizable period in years.
  12. In Amortization Code Section, click the arrow to select the appropriate code section

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Lacerte Tax

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