Asset Input

Asset Section

Required Fields:

Depr Method - Depreciation method.
Life - The Life field is populated with the lives associated with the selected depreciation method, if MACRS or ADS is selected. Other wise type in the life of the asset.
Cost - Enter the initial value of the asset. This includes legal fees, sales tax, freight, installation, and testing expenses.
Business Percent - Default value is 100%. See Business Percent
In-Service - Month and year you began using the asset. The default is the current month and the default year. This date is a calendar date.
Convention - This field is determined for you. In some cases Mid Quarter convention must be used instead of Half Year. See Conventions for more information.

Optional Fields:

Description of the property. The maximum length is 35 characters.
Asset ID number to identify the asset.
179 Deduction - This is the amount of the asset cost to apply to the 179-expense deduction instead of depreciating. This can be any amount up to the total cost of the asset. The total 179 deduction is limited to a certain dollar total for each year. See 179 for more information.
Salvage - This field can be used for the salvage value of the asset or it can be use for a miscellaneous deduction. Salvage value is usually only used with straight line depreciation.
30% or 50% Allowance check boxes - use to take the special depreciation allowance.
Cost Basis - This field is determined for you. It is the asset cost times the business percent minus 179 deduction minus Salvage minus special allowance. This value is used in calculating the depreciation deduction.

Disposition Date - Month and year the asset was sold or disposed.
Fiscal Year End Month - If you are using a fiscal year that is different then the calendar year, set the month to your year end month. This will adjust the schedule to display the proper depreciation for that fiscal year. The default is 12 for a regular calendar year.