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Depreciation

Enter a mass asset disposition

Use a mass disposition to dispose of 2 or more assets in a single transaction. You can only use 1 disposal method for all the assets in a mass disposition, so you may need to dispose of some assets individually or create multiple mass dispositions.
  1. Go to the activity input folder for the asset and select the
    Asset
     tab.
  2. If the
    Asset
     tab isn't available, take the following steps:
    1. Select
      File
      , then
      Client Properties
      .
    2. Select the
      Avanced Properties
       tab.
    3. Mark the
      Enter Asset Detail
       checkbox.
  3. Select
    Tasks
    , then
    Mass Dispositions
    .
  4. Select
    Add
    .
  5. Enter a description that will cover all the assets you're disposing of.
  6. Select
    Continue
    .
  7. Select the assets to dispose.
  8. Select
    Continue
    .
  9. Choose a method or select
    Disposal Wizard
     Disposal Wizard button to let the application guide you through the disposal data entry.
  10. Enter a date disposed.
  11. Enter the remaining data according to the disposal method.
    • Out of Service
      : You don't need extra data entry for this method. Depreciation won’t be taken after the date placed out of service. The asset remains on file until the disposal method is changed to
      Sold / Scrapped
      , or Like-Kind Exchange.
    • Retired
      : You don't need additional data entry for this disposal method. Depreciation won’t be taken after the date placed out of service. The asset remains on file until the disposal method is changed to
      Sold / Scrapped
      , or
      Like-Kind Exchange
      .
    • Casualty / Theft
      : This method is not available in a mass disposition. If you want to use this method, you'll need to dispose of the assets individually.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual, 1120 Corporation
  • Subject: Depreciation

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