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Video instructions and help with filling out and completing Why Form 4797 Assets

Instructions and Help about Why Form 4797 Assets

As a tax professional, you know the value of tracking clients' depreciable assets, as well as calculating depreciation, generating reports, and planning for future years. ATX gives you the fixed assets form to help you do all of this. Use this basic asset depreciation tool to enter assets, and ATX calculates prior and current year depreciation, tracks gains and losses when the client sells property, tracks AMT and state depreciation, and more. To begin adding two principal assets, add form 4562 to the return. Click "Add forms", find form 4562, and add that form. ATX loads form 4562 in the fixed assets form. Click "fixed assets" before you start entering assets. You may want to set global settings for this tax return. To do that, click the asset global settings tab. Here, you can change settings for display calculations and makers federal elections. You can also change settings for bonus elections. Use state counts to select a different resident state as needed. This changes the state treatment column and state default calculations on the depreciation 179 tab. Use the tax year information tab in a business return to edit short year information. Remember that these settings only affect this return, so they won't change any other return settings. Then, you can start entering the assets. Click "asset entry" and type the basic asset information. First, type the description, then type the date the client placed the asset in service. Remember to fill both of these out because ATX only saves the asset if they're completed. Next, select the activity. ATX displays a list of all the available forms in the return, such as schedules E, F, or other activity forms. In an individual return, if there is more than one form of that type, make sure you select the correct number. In this example, the...