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I need help to recreate depreciation schedule on tax return…

I need help to recreate...
I need help to recreate depreciation schedule on tax return 1120S.
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3/13/2018
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 199
Experience: Partner at Michels & Hanley CPAs, LLP
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Hello. My name is ***** ***** I'll be the Expert assisting you today. I am a licensed CPA. I look forward to helping you with your issue today. What help do you need recreating a depreciation report? Do you know the dates placed in service and the asset class type (personal property, leasehold improvements, furniture and fixtures, equipment, etc.) I'm happy to help.

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Customer reply replied 1 month ago
Thank you for your response.
10/08/2013 Mercedes-Benz
Book cost: 40627
Depreciation for 2016: 2778.89
Ending Accumulated Dep. 2016: 36458.68
Life: 5 yearsWhen I try to re-create I am not getting the same numbers. I am not sure if report I was provided with is correct or perhaps I am missing something. I am trying to re-create assets and accum dep on sch L 1120S. What do you think?
I have one more asset I can't match as well.

is this shown as "listed property" on the tax return? If not its MACRS 5 year property. Is this the table you are using? Does the schedule you have show if they took bonus depreciation on any property?

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Customer reply replied 1 month ago
I see on 2016 return that they used: MACRS 5 year property. No, It does not state whether they took bonus dep. Dep Method: MC200AMQ
Ok. That doesn’t seem to be the correct accumulated depreciation. Let me recalculate.
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Can you forward me the schedule you have so I can compare?
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Customer reply replied 1 month ago
Give me a moment
No rush.
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Customer reply replied 1 month ago
Can you see my attachment?
They took 50 % bonus deprecation of $20313. $20313 is the remaining depreciable basis. It’s being depreciated based on 5 year MACRS using mid quarter convention. 2016 based on table is 13.68% (13.68% of $20313 = $2779). 2017 depreciation will be 10.94% of $20313 or 2222
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Customer reply replied 1 month ago
Ok. That starts to make sense. Now, how do enter this information on tax forms/asset entry worksheet to get the numbers? What form do I use?

It depends on the tax software you are using. You would start by entering the cost basis of the asset ($40,627). You will also have to make sure you input that there was previous bonus depreciation of 50%. Then there should be an area to indicate what type of asset and the IRS class life, which would be 5 years MACRS. Let me know if you have any questions.

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Customer reply replied 1 month ago
I am using ProSeries but somehow can't pick MACRS and bonus depreciation. I will try to send you a screen shot. Thank you.

MACRS is the only way to depreciate property for tax purposes. Send me a screen shot and i'll try to help.

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Customer reply replied 1 month ago
Entry worksheet

Looks like you should enter the bonus depreciation under "special depreciation". You may be able to call customer service for the software provider as thats more of a software question vs. tax question.
The method is correct. You have to change the convention though because it defaulted to half year convention vs. mid quarter convention.

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Customer reply replied 1 month ago
Please try to see what I’m doing wrong

the depreciable basis should be $20,314. (50% of the cost). the pictures arent coming over very well. try changing the depreciable basis and see if that helps. Each software is different relating to depreciation inputs.

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Customer reply replied 1 month ago
It's not allowing me to enter special depreciation. When I enter it under 179 section, I am getting the correct basis. On depreciation Report 4562 it looks ok, I will try to send you one more shoot. However, when I go to detail report I am not getting 2779 for 2016 which bothers me bc you got the same number. So, I am not sure how correct the depreciation will be this year.

Once you get the correct depreciable basis it should solve the problem. Within proseries you should be able to ask a question in the question box, which brings you to a link of common ways to fix an issue directly in your software. Is there a box to check "yes" for special allowance or special depreciation?

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Customer reply replied 1 month ago
4562

that looks better because you have the right bonus depreciation, the correct depreciable base. the prior depreciation should include all depreciation from 2013 - 2016 though.

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Customer reply replied 1 month ago
I got! It was not allowing me to enter special dep because of asset typ (since I have no idea about cars) :). I have corrected prior depreciation for all the years and I got the numbers previously entered and what you calculated for me. Little mistakes make it impossible!Good learning! Thank you so much for your assistance! You helped so much!

I hope I’ve provided the information you were seeking. If you are happy with my service, your 5-star rating at this time is most welcome. If you need more help, please let me know so l can continue to assist you.

Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 199
Experience: Partner at Michels & Hanley CPAs, LLP
Verified
Brian Michels and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
5 star it is! Thanks again!

Thank you

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Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
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