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Investment Credit Recapture window
Use this window to enter business use percentages so the application can calculate investment credit recapture. After you enter the percentages, verify that the recapture amounts transfer to Form 4255.
This window automatically appears when you dispose of an asset that has an entry other than A, L, N, O, P, Q, V, or W in the
Credit
field in the Depreciation tab.To open this window, select Tasks, then Investment Credit Recapture. Note that this command is available only if an asset has a credit code other than A, L, N, O, P, Q, V, or W in the Depreciation tab and the asset has been sold, or business use drops below 50 percent.
note
This window is not available for aggregate assets.
Fields & buttons
Prior years' business use percentages group box
Current year
This field displays the current-year business use percentage as entered in the asset's Vehicle/Listed tab. If desired, enter a new percentage in this field.
note
The application automatically updates the selected asset's information in the Vehicle/Listed tab if you change this percentage.
Last year
This field displays the previous year's business use percentage as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this field.
note
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the asset's information in the Prior Depreciation Comparison window if you change this percentage.
Two years ago
This field displays the business use percentage from two years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this field.
note
- This field is available only if the asset is at least 2 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Three years ago
This field displays the business use percentage from 3 years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this field.
note
- This field is available only if the asset is at least 3 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Four years ago
This field displays the business use percentage from 4 years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this field.
note
- This field is available only if the asset is at least 4 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Five years ago
This field displays the business use percentage from 5 years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this field.
note
- This field is available only if the asset is at least 5 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Other fields & buttons
Date property ceased to qualify
This field displays the date on which the property ceased to qualify for the investment tax credit. If you disagree with the date displayed, you can change it.
Original credit amount
This field displays the original investment credit amount that was taken for this asset. You can't modify this amount.
Recapture percentage
This field displays the recapture percentage that is used to calculate the recaptured amount of the investment credit.
Recapture amount
This field displays the recaptured amount of the investment credit. You can't modify this amount.
Do not compute recapture
Mark this checkbox to prevent the application from calculating any investment credit recapture for the current asset.