k excess depreciation to income and increase basis when business use drops below 50%

Forum|Forum|5 years ago
November 10, 2020
2 replies
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Lacerte Tax

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qbteachmt

Level 15

@Tolly

You did not put any text in the body here; you have a long run-on title, though. But you don't really provide many details, for peer users to be able to understand your issue and perhaps try to be of help to you.

Could you please give more info? What entity type, which year, what tax form, which asset, what issue, what use, what the heck is all of this about?

Thanks.

Don't yell at us; we're volunteers

T

TollyAuthor

Level 4

Sorry. Client had a new Tahoe (cost $67,797 with $10,800 SDA taken) placed in service 5/14/18 with 60% business use. In 2019 she only used the Tahoe 37.5% for business. I want to know how to run the depreciation recapture ($6,732 = $10,800 - $4,068) and the increase in basis $6,732 through the Lacerte software.

G

GCOTLV

Level 3

The input for recapture on Form 4797 Part IV is on the dispositions screens as follows:

S Corp screen 23 Miscellaneous Info

Partnership screen 19 Miscellaneous Info

Individual screen 17.1 Carryovers/Misc Info

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