How do you stop depreciation on an asset?

Forum|Forum|3 years ago
February 14, 2023
3 replies
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ProSeries Professional

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Skylane

Intuit Community Champion

Enter Business use as .01 %

If at first you don’t succeed…..find a workaround

R

REEDERAuthor

Level 3

thank you..

Just-Lisa-Now-

Intuit Community Champion

If youre stopping because its been taken out of service, (like a rental converted to personal residence) then you enter the date it was taken out in the disposal section, that stops depreciation from that date.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

R

REEDERAuthor

Level 3

I am use to another software that would let you enter a date to stop the depreciation. My clients are selling their rental property. They sold the property on 1/4/2022. The depreciation is showing 1405 when it should be much less or ZERO. I can't find where in ProSeries to make the adjustment or how to make the adjustment. Thanks

Just-Lisa-Now-

Intuit Community Champion

You entered the date of sale on the asset entry worksheet in he disposal section?

It should only give you depreciation for those first few days in January.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Skylane

Intuit Community Champion

@REEDER if the property was sold you have to dispose Of the asset using the asset disposition section of the asset worksheet. The correct depreciation will be calculated and transferred to f4797 sale of business property where the transaction is recorded as Lisa and Bill said.

If you want to suspend depreciation because an asset has been taken out of service but not disposed of you use the method described earlier so that you can maintain a history of the asset basis in PS.

If at first you don’t succeed…..find a workaround

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