Common questions about Corporate Depreciation Asset Disposition in Lacerte

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

Table of contents:

Dispose of an Asset

• Open Screen 21, Depreciation.
• In the Asset list, select the asset.
• In the Section list, select General Disposition Information.
• Enter the date the asset was sold in Date Sold or Disposed of (negative date=various) (MANDATORY).
• In the Section list, select Sale of Asset.
• Enter the Sales Price (-1=none).
• Enter any other information that applies to the sale of the asset in the Sale of Asset

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Dispose of a rental real estate property on Screen 21, Depreciation

• Open Screen 18, Rental/Other Passive Activities.
• In the Property list, select number assigned to the rental real estate activity you want to dispose.
• Select Depreciation at the top of the screen.
• In the Show Assets For and Asset lists, verify Rental/other passive and the property you want are selected.
• In the Section list, select Federal Depreciation.
• Verify Rental/Other Passive Activity and the activity number assigned to the rental real estate activity are selected in Form Number and Activity Name or Number (e.g., 3 = 3rd Rental).
• In the Section list, select Sale of Asset.
• Select the Entire Passive Disposition check box. The program releases any suspended passive losses associated with the rental activity.
• Enter the sale information.

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Related Articles

• Entering a Bulk Sale of Assets in Lacerte

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