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Depreciation

About asset data entry

You can find
Asset Detail
 within these activities: business, farm, general deductions, and rent and royalty.
You can find depreciation options in these areas of the system:
  • Organizer, General Information, Return and Print Options, and then Depreciation Options.
  • Organizer, Deductions, General Depreciation and Amortization, General Depreciation name, and then Depreciation Options.

Depreciation print options

These print options are available:
  • Always print Form 4562 unless blank
  • Always print Form 4562 even if blank
  • Suppress AMT depreciation detail
  • Print next year's depreciation
  • Suppress all depreciation detail
  • Suppress the automatic 150% DB MACRS calculation for farming activities
  • Print IRC ยง199A qualified business income (QBI) depreciation detail for 2.5% limitation
  • Include all depreciation assets in QBI depreciation detail print

Carrying federal depreciation to all state returns

Options available include:
  • Carry federal depreciation to all state returns if all federal depreciation should carry to all state returns including non-adopting states.
  • Use SL table rates for tax preference computations on all ACRS assets.
  • Compute no AMT depreciation adjustment for MACRS assets placed in service after 2015.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1041 Fiduciary
  • Subject: Depreciation
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