michaelmars Posted August 21, 2009 Report Share Posted August 21, 2009 can someone give me guidance for reporting the new depreciation in the program? is there a way to work around the program of do i have to override? -thanks Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted August 22, 2009 Report Share Posted August 22, 2009 I am a bit confused by your question, or actually by the vast amount of information omitted. I'm really not at all sure what you are asking. But I'll take a stab at it by answering what I think you might be asking. If you are asking about how you report the extra depreciation, after using a 3115 to calculate it, the answer is that it goes on the C or F or E or 1065 or 1120S, etc, on the 'other deductions' line, with the description being "Depreciation from Form 3115". Quote Link to comment Share on other sites More sharing options...
michaelmars Posted August 24, 2009 Author Report Share Posted August 24, 2009 I am a bit confused by your question, or actually by the vast amount of information omitted. I'm really not at all sure what you are asking. But I'll take a stab at it by answering what I think you might be asking. If you are asking about how you report the extra depreciation, after using a 3115 to calculate it, the answer is that it goes on the C or F or E or 1065 or 1120S, etc, on the 'other deductions' line, with the description being "Depreciation from Form 3115". thanks kc, but do i just wipe out the old assets and reset them up for going forward purposes with the new life and new prior accumulated depr? i don't see a way to change the life or method of depr of an existing asset in the program btw i am doing 1120S's and 1065's Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted August 24, 2009 Report Share Posted August 24, 2009 Yes, the easiest way would be to add the assets as they should have been, then delete the old asset listings. Actually, that is how I go about determining the 3115 adjustments, is by copying the return, adding the corrected assets and deleting the old ones, and looking at the differences in the History view of the assets. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted August 24, 2009 Author Report Share Posted August 24, 2009 Clever, Thanks alot HEY I JUST REALIZED I REACHED ATXOHOLICS ANONYMOUS!! Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted August 24, 2009 Report Share Posted August 24, 2009 Congratulations and welcome to the club! It is a dubious distinction, to be sure, nonetheless, be PROUD! Quote Link to comment Share on other sites More sharing options...
Catherine Posted August 24, 2009 Report Share Posted August 24, 2009 Clever, Thanks alot HEY I JUST REALIZED I REACHED ATXOHOLICS ANONYMOUS!! Congratulations, michaelmars!! Catherine Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 25, 2009 Report Share Posted August 25, 2009 Congratulations :spaz: Quote Link to comment Share on other sites More sharing options...
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