Investment Credit Recapture dialog

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Use this dialog to enter business use percentages so the application can calculate investment credit recapture. After you enter the percentages, verify that the recapture amounts transfer to Form 4255.

This dialog automatically appears when you dispose of an asset that has an entry other than A, L, N, O, P, Q, V, or W in the Credit field in the Depreciation tab.

To open this dialog, choose Tasks > Investment Credit Recapture. Note that this command is available only if an asset has a credit code other than A, L, N, O, P, Q, V, or W in the Depreciation tab and the asset has been sold, or business use drops below 50 percent.

Note: This dialog is not available for aggregate assets.

Fields & buttons

Prior years' business use percentages group box

This field displays the current-year business use percentage as entered in the asset's Vehicle/Listed tab. If desired, enter a new percentage in this field.

Note: The application automatically updates the selected asset's information in the Vehicle/Listed tab if you change this percentage.

This field displays the previous year's business use percentage as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.

Notes

  • This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
  • The application automatically updates the asset's information in the Prior Depreciation Comparison dialog if you change this percentage.

This field displays the business use percentage from two years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.

Notes

  • This field is available only if the asset is at least two years old.
  • This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
  • The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.

This field displays the business use percentage from three years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.

Notes

  • This field is available only if the asset is at least three years old.
  • This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
  • The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.

This field displays the business use percentage from four years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.

Notes

  • This field is available only if the asset is at least four years old.
  • This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
  • The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.

This field displays the business use percentage from five years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.

Notes

  • This field is available only if the asset is at least five years old.
  • This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
  • The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.

Other fields & buttons

This field displays the date on which the property ceased to qualify for the investment tax credit. If you disagree with the date displayed, you can change it.

This field displays the original investment credit amount that was taken for this asset. You cannot modify this amount.

This field displays the recapture percentage that is used to calculate the recaptured amount of the investment credit.

This field displays the recaptured amount of the investment credit. You cannot modify this amount.

Mark this checkbox to prevent the application from calculating any investment credit recapture for the current asset.

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