section 1250 property indication
Lacerte : 2007how do i inidicate a property is section 1250 property (even though it's depreciated MACRS 15-yr SL) so that the Section 179 limitation is calculated correctly?
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cJ1U7MwY0qllvkab8P4pmk
03/05/09 4:35pm PST
Viewed by asker 05/05/09 5:45pm PDT
Viewed by asker 05/05/09 5:45pm PDT
2 Replies
04/10/09 2:07pm PDT
Best Answer - Chosen by the Community
There is no way to change the property type associated with a newly added asset in the Lacerte program. The program makes the following assumptions based on the method selected:
- Section 1245 - MACRS methods 34 through 69 and 88; ACRS methods 30 through 63
- Section 1250 - MACRS methods 85 and 87; ACRS 70 through 83
This can be overridden when the property is disposed of to make sure that depreciation is recaptured for 1245 properties or treated as unrecaptured 1250 gain for 1250 properties.
If the asset has been assigned Method 67, for 15 Year SL, and is being included as part of the total cost of Section 179 property on Line 2 of Form 4562, when the property is nonqualifying Section 1250 property, it will be necessary to override the amount for that line. The override for the individual module is located in Screen 22, Depreciation, within the Misc/Sec. 179 [O] sub-screen in the field for Code 206, Cost of section 179 property [O].
Wynde B.
Lacerte Technical Support
04/10/09 2:15pm PDT
Latest post
is there an override in Partnership as well. i don't seem to find it in Screen 14
