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Thanks. You confirmed what I thought. ATX for the most part makes the selections for you based on catefory. A drop down menu lets you select class life based on item. For example if it's a computer there is a category for that and when selected will put in the years, method, and convention for you. I will keep practicing and if I run into a problem I will call on you guys for help. It is a learning curve but so far I do like it.

Jack, I am again rushing to your defense. Not that it helps that much. John, in fact ours IS the only way!!

Of course I didn't believe your post was serious. One spoof deserves another. My concern is that the upcoming tax season is going to be somewhat of a gray area with all of the changes. If you post that the "IRS released a statement", then that's maybe not so funny. Better to present yourself as a conduit with a Deep Throat rogue IRS agent who feeds you this information in a dark underground parking garage.

I get my one on one networking here.

Please also note that the entire bottom half of the screen Judy posted gives details for reporting (asset management), dispositions (removal from service, sales, and group sales), and some state-specific fields. You can also - in the top half - access the bonus depreciation elections. Unless there's a pressing need, I elect OUT of bonus depreciation for all my clients. The state doesn't allow it, and keeping one schedule is hard enough for most clients to deal with. Telling them there are two (and then explaining why the numbers are different on the two returns) is more trouble to me than most savings are worth to them. You can choose a specific class, all classes, or a specific asset, to customize depreciation.

Moving expenses are gone except for military on active duty.

Maybe they're part of the IRS's release of questions by 2025 The IRS has released questions which will appear on the 8867 by the year 2025. These are the people who insist that tax preparers are not auditors.

Perhaps. I personally haven't found that to be much of an issue and don't remember seeing complaints about it either. Don't most preparers know the lives of common items that we deal with on a regular basis anyway, and if there's an oddball addition or we are unsure, shouldn't we be checking on the life anyway and not relying on a program to do our thinking for us? I rarely used the full ATX depreciation and don't recall the level of hand holding it provided. Instead I chose to use the depreciation module from what was Creative Solutions that is now part of Ultra Tax, mainly for it's features for financial reporting, ease of handling bulk sales, and for creating a variety reports. Again, even with that program, I am not relying on it to come up with the proper useful lives. It does have drop down selections that will lead a user to a value, but even with that, any user that doesn't know the law may make an incorrect selection.

This is the entry screen that Drake uses for all types of entities. The minimum you'll need to enter is: Choose the entity type at top in the box labeled "For": My example is showing 1120, COGS, F because I had an 1120 open. On indiv returns it should show the schedules that the 4562 could relate to (A, C, E, F, 2106, 8829) Multi-form code - may be blank if you have only one form that all of the assets relate to. Examples of where this field is used is where there are multiple properties on 1040 Sch E, or where H and W each have Sch Cs or 2106s. Input where the 1040 has two property on Sch E would be a "1" for the first property and a "2" for the second one, and the properties would be designated in that same manner on the Sch E input screen. Next line pretty straighforward: enter description, date acq, cost. Bus use % is assumed 100% if blank. Chk box if "used" property. Use the drop down to pick the type of listed property if that applies. Method, use the drop down to pick the method. Ex - for a 7 yr property using MACRS GDS, pick MACRS(200DBHY) and the program will display an "M" in that box, or you can enter "M". You'll see that those abbreviations like "M" appear in that drop-down list. I'd suggest using the drop-down until you are more comfortable. You must enter the depreciable life. For the 7-yr asset, enter "7". For residential rental, enter "27", not 27.5, but I think the system is forgiving and will accept both and just use the 27 even if you enter the decimal. Other entries that may or may not be needed: If entering a new client with existing assets, enter salvage, prior deprec and prior 179 taken. For current year 179, bonus, and depreciation, the system will calculate but can be overridden on any field that has a "=" In that same section at left, "Force Convention" is where you can override to force it to use either half year or mid-quarter. The system does pick the appropriate method for current year acquisitions, but you might have to enter this for a new client with existing assets to be entered. The columns for state, AMT, and Book work the same way and will populate some data. You will still have to enter depreciable life in those columns. The system will create a reports, depending on the state and your preference settings and report settings. It will also create a report for future depreciation too. Other sections and drop-down boxes should be self-explanatory. There are other intracacies of where to start the entries so that the 4562 is properly linked and associated with automobiles and mileage that are used for 2106 or Sch C and that also allows the system to determine the best method (mileage vs actual) too. If you enter an acquisition date and then either select a method or life that was/is not available under the law for that year, the system will produce an error message. Similarly, the system will generate an error if you override depreciation that exceeds depreciable basis or excess 179 (either for that individual asset or the year's limitation). I hope that makes sense. If you have other questions, please just ask.

Searching Drake knowledge base sucks! But I did find this: https://kb.drakesoftware.com/Site/Browse/15034/4562-Data-Entry-Screen-Changes-Drake17?Keywords=4562+detail

People have differences in how they absorb and retain information, and hopefully we are utilizing those methods that suit each of us best. Most of my CPE now comes from webinars and self-study, and I don't miss the the higher prices, travel, or distractions from other participants for some of the exact same seminars that I take online. This year I purchased an unlimited package that includes both webinars and for self-study, NOT because I need more credits and certainly NOT to buy credits, but because I have access to this company's entire catalog of materials that are excellent reference materials. That's a huge bonus on top of the CPE credits that I EARN and makes the price all the more reasonable.

Every practitioner has his/her preferences for how they obtain their CPE and what they look for in the way of results. I have long ago stopped at going to these for-profit factories of national programs, as they are primarily in business to use registration lists as feeders for other products and services they provide. My preferences at this point are either online webinars sponsored by or associated with professional societies that are geared towards issues effecting a great majority of its members, as well as self-study CPE purchased from certain specific publishers I have great satisfaction from because their references materials are excellent so long as the law remains unchanged. Yes - I do use cpaacademy.com because the courses are free.

I like my local NY/CT-ATP for networking in my area and the CCH User Conference to meet staff (a biz card with a direct line to a tech support manager is my treasure); both give outstanding courses with nationally-known instructors. But, I don't learn much from preparers out of my area, too many geographical differences. When I find a single topic I like/need, I try to get it as a webinar so as not to waste time traveling for only 1-2 CEs. I read everything I can (all those journals that come with my memberships), take webinars/archived webinars, and local and CCH live courses, a little bit of everything, depending on my needs each year. For example, this year with hip replacement approaching, I'm not traveling to seminars, just the local ones and online.

AVG's update messed with Windows Explorer or another computer. It was not encrypted, so I was able to perform a system restore. My work computer has been limping along every since I got it back from shop. I was continually having to force stop Explorer and run a new one or restart the computer totally when it had done enough work or sat too long (whatever windows decided was enough) . I uninstalled AVG and after some research, I installed Comodo. I don't know if that will help, but at least Windows has been alive for several hours. AVG reinstalled the update on the other computer and it went crazy again. I may install a different antivirus on it, to see if it works better with Windows 7 than Comodo. I know that one of these days I am going to have to upgrade Windows, but I already have an Acer laptop with Windows 10 and I've never been in love with it. I keep seeing that 10 has it's own issues.

Jack: Get over it. Yours isn't the only way. You don't have anything to prove. Everybody's different.

I carry, on a lanyard around my neck, a 128GB flash drive, that contains an Excel spreadsheet, with all the accounts I have to log in, user names, and passwords. Currently over 300. The Excel file is password protected, as well as the flash drive. I only HAVE to remember 2 passwords. It is impossible for any person to remember all the different usernames and passwords needed, to do a business like ours. I also have, encrypted backup files for all my tax programs, and other important documents, on the flash drive as well. If I leave the house, it goes around my neck. I have a complete backup of all data files on a separate external drive at home as well.

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Just received a phone call and then the email follow-up below. Have NOT used them. If you have a few minutes, please click on the links and take a look at the online courses we have in the 2019 All Access Tax Library. I know you’d appreciate the quality and diversity of our on demand video seminars with Arthur Reed. Lambers Review is an approved IRS education provider and offers one of a kind online self-study video courses to accounting professionals nationwide. The reason we are contacting the EAs now is to offer them an opportunity to freeze the cost of their education going forward. We’ve had a number of CPA and Tax Preparation Offices calling in for individual TCJA courses for training and ce credits and they end up taking advantage of the 3 and 5 year promotion to get the costs down for both credits and research. Sort of an insurance policy no matter what Washington throws at us next. Online, on demand learning has come a long way and is considered the preferred method of study for working professionals today. Convenience is the key and our line of products gives you that and more. Study anytime, anywhere, 24/7! No need to attend expensive classes or a live seminar that requires travel and a strict schedule/attendance Courses provide you the information you need when you need it All CE and certification courses are reported directly to the IRS for you based on your PTIN number to ensure you get credit for each A thorough and searchable video library of all the various tax codes, laws, and forms you may have questions about throughout the year For more information regarding our IRS Approved Continue Education courses Click here You can view a quick video sample on the right of the page. With more than 50 years of exemplary training and certification support to the accounting industry, there are few scenarios outside our scope of expertise. If you like what you see and want to proceed with an order, call me directly for your special promotional pricing. To Your Success, Catherine Sullivan Financial Certification Consultant 800.272.0707 Ext 256 727.342.7950

It does not matter how decedent used the property. For example in Marx(5 TC 173) court determined a yacht willed from husband to wife was investment property where wife put it up for sale after death of husband and was loss was allowed. The fact that she never used it for personal use proved her profit motive under section 165(c)(2). In another case, Watkins (TC MEMO 1973-167) husband was willed personal residence from wife. The court ruled property was held for investment since heir / husband decided to put it up for sale within a week of wife's death. Therefore he proved his profit motive per section 165(c)(2). It did not matter that the house had been his residence while wife was alive. It also did not matter that he lived in it for a short period of time after it was bequeathed to him. What mattered was that he was able to prove his intent was to sale it and was allowed to deduct loss. So in the case of your client, it appears his thought was "heck I might as well sale this junk and make a little money off of it". There is your profit motive per section 165(c)(2).