Accum. Depreciation on Disposals

Forum|Forum|6 years ago
December 7, 2019
2 replies
18 views

I disposed of fully depreciated fixed assets in the current period. The balance sheet reduced fixed asset cost by the predictable amount, but accumulated depreciation did not reduce for the sale. Why? I don't want to override Lacerte, but it seems to be wrong.

Lacerte Tax

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Best answer by abctax55

How did you enter the disposition of the assets?

abctax55Answer

Level 15

How did you enter the disposition of the assets?

HumanKind... Be Both

L

lstaceyAuthor

Level 2

I went to screen 16 and scrolled way down to General Disposition Information. I entered a negative date for various. It was a disposal, so no sales proceeds, and all were fully depreciated. The date was the only entry I made. Why didn't A/D decrease in the same way cost of fixed assets did on the B/S?

K

kadodallas

Level 2

I'm having the same issue. I'm going to override as well. If you found a real solution, please let me know. This is going to be my last year with Lacerte. It has been painful trying to figure it out and I've used this product for many many years.

P

PoeticTaxes

Level 2

Software: Lacerte

Module: 1120S

Facts: assets were fully depreciated by the disposition date, assets scrapped for zero gain/loss, assets listed on depreciation schedule/section

Solution: Screen 16 > "Sale of Asset (4797/6252)" section > "Form 4787" sub-section > "Sales Price" = -1 (for none)

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