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Depreciation

Use the Method/Life Wizard during asset data entry

Follow these steps to use the Method/Life Wizard during asset data entry.
  1. Open the
    Asset List
     window for an activity.
  2. Select
    Add
     to add a new asset.
  3. In the
    Asset Detail
     window, enter the asset's description, date in service, and information for any association fields in the
    Asset Detail
     window.
  4. In the
    Cost/basis
     field of the Tax column, enter the asset's cost/basis.
  5. Select Method/Life Wizard (or use F6) to open a list of asset classes.
    note
    By default, all activities use the General asset class list, except for Farm, which defaults to using the Farm asset class list. You can change the list of asset classes that is available from the button for the Method/Life Wizard.
  6. Select the asset class for the asset you're entering.
  7. Depending on the asset class you select, a window may open in which you need to enter more information. To view detailed information about the window, use CTRL+F1 to view the help for that window.
  8. The application either automatically fills in the methods and lives that are set up in the Method/Life Wizard, or it fills in the methods and lives that are equal to or derived from another treatment.
    note
    If you return to the Method/Life Wizard in an asset in which the Method/Life Wizard was used to enter the methods and lives, a checkmark will appear next to the previously selected class.

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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