Level 1

Question

Where do you input Section 179 depreciation deduction for exempt organization?

Forum|Forum|5 years ago
April 20, 2021
3 replies
27 views

No text available

Lacerte Tax

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Level 15

Depreciation expense.

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

Level 15

Did you see your Help articles:

https://proconnect.intuit.com/community/nonprofit-corporation/help/common-questions-for-exempt-organizations-form-990-990-pf-990-t/00/3388

https://proconnect.intuit.com/community/federal-taxes/help/generating-form-4562-for-depreciation/00/4993

https://proconnect.intuit.com/community/individual/help/federal-form-4562-not-generating/00/115169

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Level 6

You can setup assets that take 179 on screen 39.

Level 15

And I wouldn't for nonprofit. They don't need quick tax deductions since they don't pay tax.

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

Level 15

That's exactly why I posted the First Link First. It tells you:

"Why am I not getting a 4562 nor special depreciation with my 990/990PF return? I have entered depreciation on Screen 39.

Form 4562 is not required for Forms 990/990PF since the depreciation is a book deduction and not a tax deduction."

Don't yell at us; we're volunteers