Follow these steps to generate or suppress the schedule:
The Linked Asset depreciation schedule generates from the Carryover Basis Depreciation section on the depreciation screen.
- Go to the Depreciation screen:
- Screen 22 - Individual
- Screen 14 - Partnership
- Screen 21 - Corporate
- Screen 16 - S-Corporate
- Screen 27 - Fiduciary
- Scroll to the Carryover Basis Depreciation section.
- If a Name or number of primary asset in like-kind exchange or a Date traded (automatic for year of sale) is entered, the asset will show up on the Linked Asset depreciation schedule
- If this is a like-kind exchange and the taxpayer/corporation has decided to carryover the basis and not elect the simplified method, then this entry is correct.
- If this is a like-kind exchange and the simplified method has been elected, or this isn't a like-kind exchange, nothing should be entered under Carryover Basis Depreciation. Remove the entry to suppress the Linked Asset schedule.
- If the primary asset is sold, the linked asset will also be sold.