Entering depreciation for new clients in ProConnect Tax

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

1. Go to Input Return ⮕ 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.

Assigning Custom Categories for Depreciable Assets

To assign assets to a custom category:

1. Go to Input Return ⮕ Deductions ⮕ Depreciation.
2. Select Details on an asset.
3. Enter the custom category in the Category [Override] field.
4. Repeat steps 1-3 for any additional assets you would like to include in the custom category.

The program will group assets on the Depreciation Schedules first by what form they are assigned to (e.g. Sch C, Sch E), and then by their category.

What's new in 2024

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

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