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Enter bonus depreciation taken in a prior year
To enter a MACRS asset placed in service in a prior year that took bonus depreciation, enter the total amount of prior depreciation taken on the asset, including the bonus depreciation, in the
Prior Depreciation
field in the asset detail. There's no separate input field for bonus depreciation.note
- Both UltraTax CS and Fixed Assets CS will indicate on reports that bonus depreciation was taken on the asset unless you elect out of bonus depreciation within the application.
- UltraTax CS and Fixed Assets CS will calculate the amount of prior depreciation that's due to bonus depreciation based on the cost of the asset. If the total prior depreciation inputted is less than the bonus depreciation calculated by the application, the total amount of prior depreciation inputted will be listed on the reports as the amount of bonus depreciation taken on the asset.
- For an asset with a cost basis of $10,000 that took $5,000 in bonus depreciation and $1,000 in regular depreciation in the prior year, $6,000 would be entered in thePrior Depreciationfield. On reports $5,000 would show as the amount of bonus depreciation taken on the asset. If instead $600 is entered in thePrior Depreciationfield, then $600 will show as the amount of bonus depreciation taken on the asset.