Solved: WARNING Lacerte calculation of depreciation in last year of depreciation under MACRS 27.5 year property is WRONG. Has anyone else reported it?

maw10401 · ‎12-06-2019

Lacerte is not using the month placed in service to calculate depreciation in the last month. Lacerte is calculating a full year of depreciation in the 28th year. If placed in service in July - December, there should actually be some depreciation in tax year 29. But it will not calculate that.

George4Tacks · ‎12-06-2019

I assume you used method 85. What date was your item placed in service? What date did it sell? Did you indicate MM or HY?

Give the info below and I will check OR if you are sure Lacerte is wrong, you report it to them directly using Ctrl + L to open a ticket. Attach the return and indicate what is wrong and they can analyze your data.

Here's wishing you many Happy Returns

View solution in original post

George4Tacks · ‎12-06-2019

I assume you used method 85. What date was your item placed in service? What date did it sell? Did you indicate MM or HY?

Give the info below and I will check OR if you are sure Lacerte is wrong, you report it to them directly using Ctrl + L to open a ticket. Attach the return and indicate what is wrong and they can analyze your data.

Here's wishing you many Happy Returns

maw10401 · ‎12-06-2019

Lacerte Support already confirmed that they calculate this incorrectly. I have all the input correct. I submitted an enhancement form under help feedback.

John8290 · ‎02-09-2022

Has this ever been fixed?

I don't think so, because I'm running into the same problem this year.

sjrcpa · ‎02-09-2022

Just override to the correct number and move on.

Ex-AllStar

WARNING Lacerte calculation of depreciation in last year of depreciation under MACRS 27.5 year property is WRONG. Has anyone else reported it?

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