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How to generate or suppress the linked asset depreciation schedule in Lacerte

by Intuit Updated 1 year 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.

  1. Go to the Depreciation screen:
    • Screen 22 - Individual
    • Screen 14 - Partnership
    • Screen 21 - Corporate
    • Screen 16 - S-Corporate
    • Screen 27 - Fiduciary
  2. Scroll to the Carryover Basis Depreciation section.
  3. 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.
Lacerte Tax

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