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Depreciation

About asset data entry

You can find
Asset Detail
 within these activities: business, farm, general deductions, and rent and royalty.
You can find depreciation options in these areas of the system:
  • Organizer, General Information, Return and Print Options, and then Depreciation Options.
  • Organizer, Deductions, General Depreciation and Amortization, General Depreciation name, and then Depreciation Options.

Depreciation print options

These print options are available:
  • Always print Form 4562 unless blank
  • Always print Form 4562 even if blank
  • Suppress AMT depreciation detail
  • Print next year's depreciation
  • Suppress all depreciation detail
  • Suppress the automatic 150% DB MACRS calculation for farming activities
  • Print IRC §199A qualified business income (QBI) depreciation detail for 2.5% limitation
  • Include all depreciation assets in QBI depreciation detail print
note
Form 4562 and its whitepaper print as needed unless they're overridden by one of the print options.

Carrying federal depreciation to all state returns

Options available include:
  • Carry federal depreciation to all state returns if all federal depreciation should carry to all state returns including non-adopting states.
  • Use SL table rates for tax preference computations on all ACRS assets.
  • Compute no AMT depreciation adjustment for MACRS assets placed in service after 2015.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1041 Fiduciary
  • Subject: Depreciation

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