Where, in partnership program, do you enter sale of residential rental property

Forum|Forum|6 years ago
December 7, 2019
2 replies
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Does Lacerte calculate excess of accelerated over straight line depreciation?

Lacerte Tax

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Best answer by sjrcpa

Dispositions.

Yes Lacerte will (or did) calculate that, but since MACRS is SL for real estate, and we've been using MACRS since 1989 or so, how would there be excess depreciation over SL?

sjrcpaAnswer

Level 15

Dispositions.

Yes Lacerte will (or did) calculate that, but since MACRS is SL for real estate, and we've been using MACRS since 1989 or so, how would there be excess depreciation over SL?

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

T

TaxGuyBill

Level 15

There are a few things that have allowed 179 for 1250 property. Things like Qualified Improvement Property, some weird things like motorsports complexes, and recently things like roofs and HVAC systems.

EDIT: Oops, I just noticed it said "residential", so just ignore my last comment.

abctax55

Level 15

Like Susan pointed out, unless you've split out some of the assets (cost seg. study ?), it's unlikely there is any accelerated depreciation.

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