Triva isn't available right now.
Check out the support page for our phone number and hours
Legal
Recommended Products
-
CoCounsel
Move faster and accomplish more with a professional-grade, generative AI assistant that transforms the way you work. Thomson Reuters CoCounsel is with you every step of the way, backed by authoritative content and industry-leading expertise.
-
Westlaw
Conduct legal research efficiently and confidently using trusted content, proprietary editorial enhancements, and advanced technology.
-
Practical Law
Accelerate how you find answers with powerful generative AI capabilities and the expertise of 650+ attorney editors. With Practical Law, access thousands of expertly maintained how-to guides, templates, checklists, and more across all major practice areas.
Questions? We are here to help
Tax & Accounting
-
Top products for corporations
-
Top products for accounting firms
Recommended Products
-
CoCounsel
Move faster and accomplish more with a professional-grade, generative AI assistant that transforms the way you work. Thomson Reuters CoCounsel is with you every step of the way, backed by authoritative content and industry-leading expertise.
-
UltraTax CS
Provides a full line of federal, state, and local programs. Save time with tax planning, preparation, and compliance.
-
1040SCAN
Automate work paper preparation and eliminate data entry
Questions? We are here to help
Trade & Supply
Recommended Products
-
Foreign Trade Zone Management
Software that keeps supply chain data in one central location. Optimize operations, connect with external partners, create reports and keep inventory accurate.
-
Indirect Tax
Automate sales and use tax, GST, and VAT compliance. Consolidate multiple country-specific spreadsheets into a single, customizable solution and improve tax filing and return accuracy.
Questions? We are here to help
Risk & Fraud
Recommended Products
-
CLEAR
Search volumes of data with intuitive navigation and simple filtering parameters. Prevent, detect, and investigate crime.
-
Fraud Detect
Identify patterns of potentially fraudulent behavior with actionable analytics and protect resources and program integrity.
-
ID Risk Analytics
Analyze data to detect, prevent, and mitigate fraud. Focus investigation resources on the highest risks and protect programs by reducing improper payments.
Questions? We are here to help
News & Media
Recommended Products
-
Reuters Connect
Around the globe, with unmatched speed and scale, Reuters Connect gives you the power to serve your audiences in a whole new way.
-
Reuters Plus - Content Studio
Reuters Plus, the commercial content studio at the heart of Reuters, builds campaign content that helps you to connect with your audiences in meaningful and hyper-targeted ways.
-
Reuters.com Platform
Reuters.com provides readers with a rich, immersive multimedia experience when accessing the latest fast-moving global news and in-depth reporting.
Questions? We are here to help
Books
Recommended Products
-
What's new in legal products
Shop our latest titles
-
Shop tax customer favorites
ProView Quickfinder favorite libraries
Questions? We are here to help
Developers
-
APIs by industry
-
Related sites
-
United States Support
-
International support
-
New releases
-
Join a TR community
-
Free trials & demos
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.This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual, 1120 Corporation
- Subject: Depreciation