Entering vehicle/listed property information

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To enter vehicle/listed property information, perform the following steps.

  1. Open the desired client and, if necessary, click an activity folder.
  2. Click the Add button to add a new asset, or highlight the desired asset and click Modify.
  3. If adding a new asset, enter a description of the asset, an in-service date, and any additional information in the appropriate association fields.
  4. In the Asset Detail dialog, click the Vehicle/Listed tab.
  5. From the drop-down list for the Type of property field, select the type of vehicle or listed property.
  6. Enter information in the Vehicle/Listed tab as appropriate.

    Note: The Additional vehicle information section on this tab is applicable only if you are processing 1040, 1065, or 1120 clients.

  7. To complete the vehicle questions on Form 4562, click the Form 4562 Vehicle Questions button and answer the applicable questions.
  8. Click Done.

Tips

  • If a vehicle is coded as listed property, is fully depreciated, or is a memo or leased asset for which the mileage allowance is used, use the Vehicle/Listed tab of the Asset Detail dialog to enter the mileage information you want printed on Form 4562.
  • For leased property that is either listed property, a luxury auto, a van or light truck, or a sport utility vehicle, and is being reported on a 1990-to-current-year Form 4562, enter the description, the date placed in service, and an "old law" method in the appropriate fields on the Depreciation tab of the Asset Detail dialog. Then, on the Vehicle/Listed tab, select Luxury Auto, Van or light truck, Sport utility vehicle, or Listed Property and enter a business use percentage. (Note that if you enter an amount in the Cost/Basis field on the Depreciation tab, the asset is included in the total section 179 property calculation.)
  • For 1040 clients, you can select which method to use in determining vehicle costs for the Tax, Book, and any state treatments. You can select the standard mileage rate or the actual costs depreciation method, or, during the year that the vehicle is placed in service, you can have the application optimize between these two methods.

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