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Video instructions and help with filling out and completing Can Form 4797 Intuit

Instructions and Help about Can Form 4797 Intuit

Hi, my name is Anthony from Intuit's Lacerte. In this video presentation, we will be reviewing how to input depreciation in the Lacerte tax program. First, from the clients tab, you'll want to click into the client file. If the depreciation asset you want to enter ties to a related schedule or form, like a Schedule C, E, or F, for example, you'll want to first make inputs for that to be able to tie your depreciation back to it. Under the deductions category, we will then click on screen 22 for depreciation. The first thing you'll notice is that the commercial property is in a black font color. This means that this asset info was entered in a previous tax year and was Proforma or transferred forward. Inputs in blue are new entries that were entered this year or changed this year. Lacerte has the ability to transfer assets forward each year, and it will keep track of prior depreciation taken. At the top of the screen is the quick entry grid, which will have common input options needed to enter a depreciation asset. The first field is the description of property. Then, the form you want to tie the specific asset to. The activity name and number is if you have more than one for that form, it allows you to tie to that specific one. The category is used on your depreciation schedule, which will help with sorting them together. The remaining fields are date placed in service, cost or basis, current section 179, and method. To get additional information on a field, you can click on the help tab in the bottom left corner. This will show article links to common questions, as well as specific information on the field you have selected. Click hide to lower the help pane....