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Entering depreciation for new clients in ProConnect Tax

by Intuit• Updated 1 month ago

When you have a client with existing depreciation and you are entering for the first time into the program, follow the steps below:

  1. From the Input Return tab, go to Deductions ⮕ Depreciation.
  2. Enter pertinent information into the grid:
    • Description of Property
    • Form
    • Activity Name or Number
    • Date Placed in Service
    • Category
    • Cost or Basis
    • Method
  3. On the right side of the row, click the blue Details button.
  4. Under Regular Depreciation, in the Federal Depreciation section, fill out Prior Depreciation/Amortization and Prior Section 179.

For business returns (Partnership, S-Corporations, Corporations, and Exempt Organizations), you must go to the Balance Sheet screen and enter the amounts for Beginning: Buildings and Other Depreciable Assets and Beginning: Less Accumulated Depreciation for assets placed in service in a prior year.

ProConnect Tax will not transfer prior year assets of a first return by filling out the beginning balance. If the asset is placed in service in the current year, the program will include the amounts in Ending: Buildings and other depreciable assets and Ending: Less accumulated depreciation.

What's new

As of 2024, we've added the following funtionalities to the depreciation page:

  • Search (works on most fields)
  • Filter by form
  • Export to CSV
  • Export all items
ProConnect Tax

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