Enter detailed asset data
The Asset module is the default way to enter asset depreciation and amortization information for returns.
note
To turn off the Asset module and use input screens instead, go to tab and clear the
Enter asset detail information
checkbox.- Open theAsset Listwindow for an activity.noteAny assets you've already entered for this activity appear in the asset list. The default columns for this window are Asset #, Description, In Service (date), Disposal Method, Tax Cost/Basis, Tax Current Depr, and Group. However, you can customize the column settings.
- You can do the following tasks in theAsset Listwindow:
- SelectAddto add an asset. This opens a new record in theAsset Detailwindow.noteBy default, the next available asset number is automatically assigned to the new asset, but you can change how assets are automatically numbered.
- Select an asset, thenModifyto change an existing asset. This opens the asset's record in theAsset Detailwindow.
- Select an asset, thenDeleteto delete an existing asset.
- When you selectAddorModify, theAsset Detailwindow opens. Use the fields and tabs in theAsset Detailwindow to enter or change the information for the asset.
- When you finish entering data for the asset, do 1 of the following:
- Select
on the toolbar (or use CTRL+A) to save the information and move to the next record in the Asset Detailwindow. - Select
to save the information and return to the Asset Listwindow - Then, select any input screen tab to return to the tax data entry. UltraTax CS automatically calculates and transfers asset data to the tax forms.
note- SelectTasks, thenDisplay Calculationwhen theAsset Detailwindow is open to view the depreciation calculations for the selected asset.
- You can customize data entry and calculation options for each client, including which columns to display in theAsset Detailwindow and which fields to automatically skip or duplicate.
After you enter asset information, UltraTax CS does the following:
- Calculates the depreciation for each asset.
- Transfers the depreciation totals to each business activity, for example, to the Farm and/or to Page 1 of an 1120 return.
- Transfers tax preference amounts to the appropriate form.
- Transfers asset sale information to Form 4797.
- Transfers asset like-kind exchange information to Form 8824.
- Transfers home office information to Form 8829 and/or the Home Office Worksheet.
- Transfers casualty/theft information to Form 4684.
- Transfers asset depreciation and vehicle information to Form 4562 and/or to the Auto Worksheet or Form 2106.
- Prints an individual Form 4562 for each corresponding business activity, when needed.
- Prints detail reports counting federal, state, AMT, and ACE amounts.
- Prints a detail report showing the AMT and ACE adjustments.
