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Depreciation

Enter vehicle/listed property information

To enter vehicle/listed property information, perform the following steps.
  1. Open the client and, if necessary, select an activity folder.
  2. Select the
    Add
     button to add a new asset or select the asset and select
    Modify
    .
  3. If adding a new asset, enter a description of the asset, an in-service date, and any extra information in the association fields.
  4. In the
    Asset Detail
     window, select the
    Vehicle/Listed
     tab.
  5. From the dropdown list for the
    Type of property
     field, select the type of vehicle or listed property.
  6. Enter information in the
    Vehicle/Listed
     tab as necessary.
    note
    The
    Additional vehicle information
     section on this tab is necessary only if you are processing 1040, 1065, or 1120 clients.
  7. To complete the vehicle questions on Form 4562, select the
    Form 4562 Vehicle Questions
     button and answer the questions.
  8. Select
    Done
    .
    tip
    • If a vehicle is coded as listed property, is fully depreciated, or is a memo or leased asset for which the mileage allowance is used, use the Vehicle/Listed tab of the
      Asset Detail
       window to enter the mileage information you want printed on Form 4562.
    • For leased property that is either listed property, a luxury auto, a van or light truck, or a sport utility vehicle, and is being reported on a 1990-to-current-year Form 4562, enter the description, the date placed in service, and an “old law” method in the appropriate fields on the
      Depreciation
       tab of the
      Asset Detail
       window. Then, on the
      Vehicle/Listed
       tab, select
      Luxury Auto
      , Van or light truck, Sport utility vehicle, or listed property and enter a business use percentage. (Note that if you enter an amount in the
      Cost/Basis
       field on the
      Depreciation
       tab, the asset is included in the total section 179 property calculation.)
    • For 1040 clients, you can select which method to use in determining vehicle costs for the Tax, Book, and any state treatments. You can select the standard mileage rate or the actual cost depreciation method, or, during the year that the vehicle is placed in service, you can have the application optimize between these 2 methods.

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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