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 the commercial property is in a black font color this means this asset info was entered in a previous tax year and was Proform it or transferred forward where inputs in blue our new entries that were entered this year or changed this year Lucerne 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 a number is if you have more than one for that form it allows you to tie to that specific one the category is Jews 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 you can also click the f1 key on your keyboard which is really helpful for the method box here we see examples of what method can be used for certain asset types this is the same information from the help pane but can also be printed let's now review the left navigation pane at the top left you will see show assets for currently all is selected selecting Schedule C will limit our view to just the assets tied to Schedule C we can expand this further to show all assets tied to a specific Schedule C one common issue is if you accidentally click on a field here you'll want to then click on all again to see your full list of assets in the next section you can click on an asset to jump to the inputs for that asset you can then click on the related section to jump to that section template data for that specific asset at the top of the list of assets you will see a blue hyperlink from miscellaneous section 179 overrides we will click this link to view that screen whenever you see the letter O and brackets to the right of an input field this means that this is for an override and will override the programs automatic calculation let's now review some common input fields on this screen first I will click back on the commercial asset then let's hide the quick entry grid at the top by clicking the following horizontal line button on the menu bar so we can view more of each section the first section is the depreciation 4562 section where you can enter the description of property as you'll notice this is the same data from the quick entry grid and can be entered here or on the grid and they both update the other to match exactly the next section is federal depreciation here you will see the inputs in black since they transferred over from a prior years input the program will automatically keep track of prior depreciation and amortization and adjusted each year however if you are entering a return for a new client and you didn't do the return in a previous year in the SIRT you would then need to manually input your data in this section for any prior depreciation next additional information section a common input field here is percentage of business use an input is only needed here if the business percentage is less than 100 percent otherwise this field can be left blank to calculate it at 100% the program calculates depreciation by multiplying the Coster basis by the business use percentage to determine the maximum depreciable basis another common input section is general disposition information if an asset is sold disposed of or retired you can enter the date here along with the expense of sale if it applies in the section right below it is sale of asset you'll then want to enter the sales price if there was no sales price you can enter a negative 1 in the box but cert does not recognize zeros in most fields so to override or adjust an amount to be 0 or blank you'll want to enter a negative 1 in a field one additional filter note is under the section for additional disposition information you could enter any federal or state income tax withheld if it applies we can now click the horizontal line button on the menu bar at the top to bring back the quick entry grid into view let's now review the actual depreciation calculation so you can see how it flows and make any adjustments if needed first let's click on the 3rd asset for the computer here you will notice the percentage of business use is 0.25 we also have a method of 54 which is makers 5 year straight line also note that we have not entered any section 179 for this asset now that we have that information let's click on the forms tab at the top on the forms tab under US we will then click on the depreciation schedule