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Depreciation

Bonus depreciation taken in a prior year

There's no separate input field for bonus depreciation.
To enter a MACRS asset placed in service in a prior year and that then took bonus depreciation, enter the total amount of prior depreciation taken on the asset, including the bonus depreciation, in the
Prior Depreciation
 field in the asset detail.
note
  • Both UltraTax CS and Fixed Assets CS will indicate on reports that bonus depreciation was taken on the asset unless you elect out of bonus depreciation in the application.
  • UltraTax CS and Fixed Assets CS will calculate the amount of prior depreciation that's due to bonus depreciation based on the cost of the asset. If the total prior depreciation you input is less than the bonus depreciation calculated by the application, the total amount of prior depreciation you input will be listed on reports as the amount of bonus depreciation taken on the asset.
Example
For an asset with a cost basis of $10,000 that took $5,000 in bonus depreciation and $1,000 in regular depreciation in the prior tax year, $6,000 would be entered in the
Prior Depreciation
 field.
On reports, the $5,000 would show as the amount of bonus depreciation taken on the asset.
If you instead entered $600 in the
Prior Depreciation
 field, then $600 will show as the amount of bonus depreciation taken on the asset.

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