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Enter vehicle/listed property information
To enter vehicle/listed property information, perform the following steps.
- Open the client and, if necessary, select an activity folder.
- Select theAddbutton to add a new asset or select the asset and selectModify.
- If adding a new asset, enter a description of the asset, an in-service date, and any extra information in the association fields.
- In theAsset Detailwindow, select theVehicle/Listedtab.
- From the dropdown list for theType of propertyfield, select the type of vehicle or listed property.
- Enter information in theVehicle/Listedtab as necessary.noteTheAdditional vehicle informationsection on this tab is necessary only if you are processing 1040, 1065, or 1120 clients.
- To complete the vehicle questions on Form 4562, select theForm 4562 Vehicle Questionsbutton and answer the questions.
- SelectDone.tip
- If a vehicle is coded as listed property, is fully depreciated, or is a memo or leased asset for which the mileage allowance is used, use the Vehicle/Listed tab of theAsset Detailwindow to enter the mileage information you want printed on Form 4562.
- For leased property that is either listed property, a luxury auto, a van or light truck, or a sport utility vehicle, and is being reported on a 1990-to-current-year Form 4562, enter the description, the date placed in service, and an “old law” method in the appropriate fields on theDepreciationtab of theAsset Detailwindow. Then, on theVehicle/Listedtab, selectLuxury Auto, Van or light truck, Sport utility vehicle, or listed property and enter a business use percentage. (Note that if you enter an amount in theCost/Basisfield on theDepreciationtab, the asset is included in the total section 179 property calculation.)
- For 1040 clients, you can select which method to use in determining vehicle costs for the Tax, Book, and any state treatments. You can select the standard mileage rate or the actual cost depreciation method, or, during the year that the vehicle is placed in service, you can have the application optimize between these 2 methods.
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual, 1120 Corporation
- Subject: Depreciation