Skip to main content
Level 4
February 23, 2023
Solved

Entering partial year depreciation

  • February 23, 2023
  • 1 reply
  • 8 views

A schedule C client went out of business at the end of October 2022. How do I reduce depreciation expense for business use of home to 10 months?

I find on Screen 29 , Depreciation, "Total hours available".  I did the calculation and entered the number of hours "7,296" but it had not effect on the depreciation amount.

Thank you

DEmbry

This topic has been closed for replies.
Best answer by TaxGuyBill

I'm not sure how Lacerte works, but in ProSeries you enter a disposition DATE (the date it stopped being business use) but NOT a sales price.  That is what stops the depreciation.

1 reply

Level 15
February 23, 2023

I'm not sure how Lacerte works, but in ProSeries you enter a disposition DATE (the date it stopped being business use) but NOT a sales price.  That is what stops the depreciation.

DGEmbryAuthor
Level 4
February 23, 2023

Thank you TaxGuyBill!

That is the way to do it!

DEmbry