Entering a depreciable asset in Lacerte

In this article, you can find information on entering a depreciable asset or overriding the current depreciation of an asset.

For more depreciation resources, check out our Tax topics page for Schedule C where you'll find answers to the most commonly asked questions.

Entering a depreciable asset:

1. 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)
2. Select Add on the left navigational panel to create a new asset.
3. Enter a Description of Property.
4. Select the applicable Form from the drop down menu.
5. Select the applicable Activity name or number from the drop down menu (if applicable).
6. Select the Category from the drop down menu:
   • 1= Automobile/ Transportation
   • 2= Furniture and Fixtures
   • 3= Machinery and Equipment
   • 4= Buildings
   • 5= Improvements
   • 6= Land
   • 7= Miscellaneous
   • 8= Amortization
7. Enter the Date Placed in Service.
8. Enter the Cost Basis.
9. Choose the appropriate Depreciation Method.
   • See here for information on Depreciation Methods
10. Scroll down to the Federal Depreciation section.
11. Locate the Regular Depreciation subsection.
12. Enter any prior year depreciation/ prior special depreciation / prior section 179 (as applicable). (Note- Section 179 is not allowed for Fiduciary returns.)
13. Repeat Steps 2-12 for each asset.

You can override the current year depreciation using the field Current depreciation/amortization (-1=non) [O].

For business returns (Partnership, S-Corporation, Corporation, and Exempt Organization), the program will automatically include the cost and current year depreciation in the ending balances of the balance sheet.

For a video tutorial, see here:

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