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Troubleshooting Lacerte diagnostic ref. 2000191 - Election statement for MACRS straight line method

by Intuit Updated 9 months ago

The following diagnostic is generating in Lacerte:

An election statement is available to support the election to use MACRS straight line method for current year assets.  (ref. #2000191)

This diagnostic generates if an asset is entered on the Depreciation screen and the depreciation Method (Ctrl+T) (F1 for examples) selected is a straight line method.

Follow these steps to enter the appropriate election statement:

  1. Go to the Elections for your tax type:
    • Screen 46 (Individual)
    • Screen 33 (Partnership)
    • Screen 41 (Corporate)
    • Screen 38 (S-Corporate)
    • Screen 50 (Fiduciary)
  2. Select Election 1 from the left Election box.
  3. Select Election to Use MACRS Straight Line Method in the left Sections box.
  4. Check the box labeled Use MACRS straight line method [168(b)(3)(D)].
  5. Enter the appropriate information in the Personal property class field.
  6. Go to the Forms tab.
  7. Select Elections under the left Form list.
  8. Make sure the Election to Depreciate MACRS property under the Straight Line Method is generating.
Lacerte Tax

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