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Depreciation

Enter detailed asset data

Entering detailed asset data in the asset module is the application default, as indicated by the checkmark in the
Enter asset detail information
 checkbox in the
File
,
Client Properties
,
Advanced Properties
,
Enter Asset Detail
 tab.
  1. Open the
    Asset List
     window for an activity.
    note
    Any assets you've already entered for this activity appear in the asset list. The default columns for this window are Asset #, Description, In Service (date), Disposal Method, Tax Cost/Basis, Tax Current Depr, and Group. However, you can customize the column settings.
  2. You can do the following tasks in the
    Asset List
     window:
    • Select
      Add
       to add an asset. This opens a new record in the
      Asset Detail
       window.
      note
      By default, the next available asset number is automatically assigned to the new asset, but you can change how assets are automatically numbered.
    • Select an asset, then
      Modify
       to change an existing asset. This opens the asset's record in the
      Asset Detail
       window.
    • Select an asset, then
      Delete
       to delete an existing asset.
  3. When you select
    Add
     or
    Modify
    , the
    Asset Detail
     window opens. Use the fields and tabs in the
    Asset Detail
     window to enter or change the information for the asset.
  4. When you finish entering data for the asset, do 1 of the following:
    • Select Add asset on the toolbar (or use CTRL+A) to save the information and move to the next record in the
      Asset Detail
       window.
    • Select Done to save the information and return to the
      Asset List
       window
    • Then, select any input screen tab to return to the tax data entry. UltraTax CS automatically calculates and transfers asset data to the tax forms.
    note
    • Select
      Tasks
      , then
      Display Calculation
       when the
      Asset Detail
       window is open to view the depreciation calculations for the selected asset.
    • You can customize data entry and calculation options for each client, including which columns to display in the
      Asset Detail
       window and which fields to automatically skip or duplicate.
After you enter asset information, UltraTax CS does the following:
  • Calculates the depreciation for each asset.
  • Transfers the depreciation totals to each business activity, for example, to the Farm and/or to Page 1 of an 1120 return.
  • Transfers tax preference amounts to the appropriate form.
  • Transfers asset sale information to Form 4797.
  • Transfers asset like-kind exchange information to Form 8824.
  • Transfers home office information to Form 8829 and/or the Home Office Worksheet.
  • Transfers casualty/theft information to Form 4684.
  • Transfers asset depreciation and vehicle information to Form 4562 and/or to the Auto Worksheet or Form 2106.
  • Prints an individual Form 4562 for each corresponding business activity, when needed.
  • Prints detail reports counting federal, state, AMT, and ACE amounts.
  • Prints a detail report showing the AMT and ACE adjustments.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization
  • Subject: Depreciation

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