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Federal input screens

Screen OthAsset - Other Sale and Depreciation Information (1065)

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Form 4797 - Other Information

Section 179 expense deduction allowable in prior years / ... / Section 280F recomputed depreciation
The application uses the information you enter in these fields to complete Form 4797, Part IV.
note
The recapture income calculated on Form 4797 does not transfer to other areas of the return. Enter the recapture income in the appropriate section of the return.
Recapture of section 179 expense deduction
Use the statement to enter recapture information if the business use of the property, for which a 179 expense was previously passed through to partners, fell to 50 percent or less. The application prints this information in the statements for Schedule K, line 20c and Schedule K-1, box 20, code M.

Form 4562 - Other Information

Section 179: Total cost of section 179 property placed in service this year (Force)
The asset module makes certain assumptions regarding which assets to include in the total cost of section 179 property acquired during the year. For more information, see Depreciation tax assumptions. If the cost of qualified assets exceeds $2,500,000, the application limits the total allowable expense for the year as required. Enter an amount to override the calculated amount.
Section 179: Business income limitation (Force)
The application defines business income for purposes of limiting the section 179 expense deduction as the following: ordinary income (Page 1, Ordinary business income [loss]) plus net other rental income (Schedule K, Other net rental income [loss]) plus guaranteed payments (Schedule K, Guaranteed payments) plus net royalty income (Schedule K, Royalties) plus net 1231 gains (Schedule K, Net section 1231 gain [loss]) plus net rental real estate income (Schedule K, Net rental real estate income [loss]) if you mark the
Include net income (loss) in calculation for section 179 business income
 field in the 4835 Screen, K1 Screen, and Rent Screen. Enter an amount to force the business income limitation on Form 4562.

Bonus Depreciation Elections

Elect Out of Bonus Depr
The application enters an X in these fields when you elect out of bonus depreciation for the applicable property class life from the asset module. To do this, select the Asset tab of an activity, choose Setup, Options, and then  Calculation tab, then select the Bonus Depreciation Elections button. In the Bonus Depreciation Elections dialog, select the Elect All button in the
Qualified 50% / 100% Elect Out of Bonus Depr
 column to elect out of bonus depreciation for all class lives, or select each applicable class life, as needed.

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