TAXMAN Posted February 22, 2015 Report Share Posted February 22, 2015 Is it me or is it ATX. I sell an asset on the fixed asset screen and it did not adjust the final year of depreciation for a 1245 asset. I thought based on half year macrs we only got half in the year of sale. Am I missing something? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 22, 2015 Report Share Posted February 22, 2015 It should be taking half year in year of sale. What year was it and what life? Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted February 22, 2015 Author Report Share Posted February 22, 2015 7 YEAR placed in service in 2008 150 ADS as it was a piece of farm equipment. Current year gives whole year dep regardless of what date I use to sell it. This could be bad if we have to check it every time we sell something off the asset register. Anyone else seeing this happen? Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted February 22, 2015 Author Report Share Posted February 22, 2015 Date in service was 2007 not 2008. My sorry Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 22, 2015 Report Share Posted February 22, 2015 I agree with you and jmdavis that it should be 1/2 year in the year of sale. I'm not using ATX, and I checked it in UltraTax's depreciation module that I use and it calc'd it at 1/2 year's expense. However, what I saw when I displayed the calculation was that the program made an automatic switch to SL when that was advantageous and then limited that expense to the 1/2 year. Is it possible that is what ATX is doing? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 22, 2015 Report Share Posted February 22, 2015 I also got a warning message that the 150% ADS method was not allowed under the TRA 1997 law change when I tried to enter 7 years as the ADS life, but it did allow me to select "MACRS 150% Farm" with a 7-year life. Numbers didn't change, still gave me the message about switching to SL when it was better and limiting 2014 to 1/2 in the year of sale no matter what date I entered for the sale. 1 Quote Link to comment Share on other sites More sharing options...
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