179 carried forward, assets disappeared from asset entry worksheet
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S Corp took 179 on equip in 2007. Biz showed loss, so 179 carried forward. Items were sold in 2008. After transfer to subsequent year, all 179 items placed in svc in 2007 disappeared from depreciation report & asset entry worksheet! Why & how do I list sale info for each asset?
Helpful Answer
(1)If you go to the depreciation line on the C corp 2008 return and click on it it may bring up the section 179 assets, sometimes when it pulls them over they are hidden in the background and not readily visable from the forms menu, I have had this happen and had to pull up the 179 assets this way for the prior year as in several (most) cases it will hide the worksheets in the background for 179 assets or fully depreciated assets
(2) if this does not work try going to the 2007 return and pull up the asset worksheet and reviewing it
(3) Retransfer the 2007 return to a new named file and see if this will work then you can copy and paste the prior year information into new worksheets that you are preparing for 2008
These are just items that you may try, I have had to do this in the past for section 179 assets
Answer
I do not know what paperwork you saved from 2007, but it is possible it is in paper copies of return you saved.
I do not know if you backed up 2007 but the back up return details might show the information.
Could you have given a copy of the return with all worksheets to your client, and then could you ask the client for these papers.
Answer
If you go into the 2007 asset worksheet you should be able to find in the 2007 return the original information inputed into the computer.
Can you find this asset worksheet. Get to the asset worksheet by trying to enter a new 2007 asset and you should see all the assets listed.
Answer
(1)If you go to the depreciation line on the C corp 2008 return and click on it it may bring up the section 179 assets, sometimes when it pulls them over they are hidden in the background and not readily visable from the forms menu, I have had this happen and had to pull up the 179 assets this way for the prior year as in several (most) cases it will hide the worksheets in the background for 179 assets or fully depreciated assets
(2) if this does not work try going to the 2007 return and pull up the asset worksheet and reviewing it
(3) Retransfer the 2007 return to a new named file and see if this will work then you can copy and paste the prior year information into new worksheets that you are preparing for 2008
These are just items that you may try, I have had to do this in the past for section 179 assets
Answer
I've encountered the same situation Mt. Juliet notes as his (1). I have no idea why it happens, but I've always been able to figure out a workaround of some kind. If you haven't yet invested a bunch of time entering 08 data, I like the idea of starting over with a clean file. As for listing the sale info, just fill in the Disposition section of each Asset Entry Worksheet, and ProSeries will take it from there.
Answer
Let us know if you were able to work it out and see the asset worksheets
Comment
I wasn't able to find a hidden sheet, but I have all my documentation from the prior year. It is all listed nicely on a printout for "Section 179 Property Statement". I can re-enter on the asset entry form & near the bottom I specify the actual amount taken for Section 179 as zero. It then carries to Form 4797, but I found it easier to just enter at the top of 4797 showing no prior depreciation allowed. Thanks for the help.