Lacerte Depreciation calculation

Forum|Forum|3 years ago
July 27, 2022
1 reply
13 views

I have a client that calculates their depreciation using the IRS MACRS tables in an excel spreadsheet. In Lacerte it is calculating a different amount than they have. The asset is 15 year property using mid-quarter convention put into service in Oct 2013. On their spreadsheet they are using 5.9%, but Lacerte is calculating using 5.91%. I am not sure why, has anyone else had this issue?

Lacerte Tax

This topic has been closed for replies.

abctax55

Level 15

Per the IRS Tables, 5.90 is correct for year seven, and year eight. Year nine is 5.91

If you are doing a 2021, that should be year nine. Maybe your client's excel - rather than Lacerte - is wrong?

HumanKind... Be Both

C

Core - DSAuthor

Level 3

The tables (Table A-2 - A-5) that I am looking at on the IRS website in Pub 946 for asset placed in service in Q2 or Q3 it is 5.91%, but for Q4 it is 5.9%. The asset was placed in service in Oct 2013.

sjrcpa

Level 15

How much difference in dollars are we talking?

Can you override to client's amount?

The more I know the more I don’t know.

Sign up

Login with SSO

Let's get you signed in

Login with SSO