Entering depreciation special allocations (1065)

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You can specially allocate depreciation for an asset individually or for an asset group.

Allocating an asset individually

  1. Choose the appropriate business activity folder (Income & Deductions, Farm, Farm Rental, Schedule K, or Rent & Royalty).
  2. Click the Asset tab to open the UltraTax CS asset module.

    Note: If the Asset tab is not available, the client is set up for entering summary asset information instead of detailed asset information. To enter detailed asset information and enable the asset module, choose File > Client Properties, click the Advanced Properties button, click the Enter Asset Detail tab, and mark the Enter asset detail information checkbox.

    Detail vs. Summary Asset Data Entry

    You have two options to enter asset data. You can enter detailed asset information in the built-in asset module, or you can enter summary asset information on certain input screens. UltraTax CS automatically calculates and transfers data entered in the asset module to the appropriate tax forms.

    Detailed asset data entry is the application default. To enter summary asset information for the open client, choose File > Client Properties, click the Advanced Properties button, click the Enter Asset Detail tab, and clear the Enter asset detail information checkbox.

  3. Choose Setup > 1065 Allocation to open the Partnership Allocation dialog to select the existing Individually Allocated group.
  4. Select the Individually Allocated item in the Partnership Allocation dialog.
  5. Click the Edit button and click the Select Assets button to open the Select Assets - Individually Allocated dialog.
  6. Select the asset to allocate and click OK.
  7. Click the Enter Special Allocations button to open the Select Individually Allocated Asset dialog.
  8. Select the asset you want to allocate and click the Continue button.
  9. Enter the partner allocations for the current depreciation and AMT adjustment for the federal return and any attached states, as needed.

    Note: You can enter a partial percentage or amount of the allocation and then click the Distribute Distribute button button to distribute the remaining percentage or amount equally or pro rata to selected partners.

  10. Click OK, and click Done to return to the Asset List window. Each asset allocated using the Individually Allocated group is listed separately in the Allocation list in the Allocations window in Partner Data Entry, using the asset's description.

Allocating an asset group

  1. Choose the appropriate business activity folder (Income & Deductions, Farm, Farm Rental, Schedule K, or Rent & Royalty).
  2. Click the Asset tab to open the UltraTax CS asset module.

    Note: If the Asset tab is not available, the client is set up for entering summary asset information instead of detailed asset information. To switch to detailed asset information and enable the asset module, choose File > Client Properties, click the Advanced Properties button, click the Enter Asset Detail tab, and mark the Enter asset detail information checkbox.

    Detail vs. Summary Asset Data Entry

    You have two options to enter asset data. You can enter detailed asset information in the built-in asset module, or you can enter summary asset information on certain input screens. UltraTax CS automatically calculates and transfers data entered in the asset module to the appropriate tax forms.

    Detailed asset data entry is the application default. To enter summary asset information for the open client, choose File > Client Properties, click the Advanced Properties button, click the Enter Asset Detail tab, and clear the Enter asset detail information checkbox.

  3. Choose Setup > 1065 Allocation to open the Partnership Allocation dialog to create a new group and enter special allocations.
  4. Click the Add button, enter a short description of the asset allocation group, and click the Continue button.
  5. Select the assets to allocate and then click the Continue button to open the Special Allocation of dialog. More than one asset must be selected to continue.
  6. Enter the partner allocations for the current depreciation and AMT adjustment for the federal return and any attached states, as needed.

    Note: You can enter a partial percentage or amount of the allocation and then click the Distribute Distribute button button to distribute the remaining percentage or amount equally or pro rata to selected partners.

  7. Click OK, and click Done to return to the Asset List window. All of the allocation groups are listed in the Allocation list in the Allocations window in Partner Data Entry, using the allocation group description.

Editing previously allocated assets

  1. Choose View > Partner Information to open Partner Data Entry, and click the Allocations button.
  2. In the Allocation list, expand Asset Allocations and then Depreciation.
  3. Edit the partners' allocations in the existing columns.

Related topic: Specially allocated depreciation FAQs (1065)

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