Intuit HelpIntuit
How to generate or suppress the linked asset depreciation schedule in Lacerte
by Intuit• Updated 2 years ago
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
Additional information
- 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.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Completing a like-kind exchange from the depreciation screen in ProConnect Taxby Intuit•27•Updated September 11, 2024
- Common questions about individual Schedule C in Lacerteby Intuit•72•Updated October 10, 2024
- Common questions about Schedule F (1040) in Lacerteby Intuit•18•Updated July 15, 2024
- Common questions about individual Schedule E in Lacerteby Intuit•161•Updated October 16, 2024