New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Which credits can be entered in the asset module?

Answer

UltraTax CS/1120 provides a return-specific option to specify the method of entering asset information; you can either enter asset information in the asset module or in the various credit input screens. To enter asset information in the applicable credit input screen, choose File > Client Properties > Advanced Properties > Enter Asset Detail tab and clear the Enter asset detail information checkbox to turn off the application default.

For more information, see Where do I enter asset data.

If you are using the asset module, the following credits are calculated based on the asset data when the applicable code is entered in the Credit / Amount field in the Depreciation tab.

• Code C - Form 3468, Rehabilitation Credit (Certified historic structures). Additional investment credit information is entered in the Credit Information dialog on the Other tab in the asset module.
• Code G - Form 3468, Geothermal Energy Credit
• Code S - Form 3468, Solar Energy Credit
• Code P - Form 3468, Advanced Energy Project Credit
• Code A - Form 8910 (Alternative Motor Vehicle Credit)
• Code V - Form 8911 (Alternative Fuel Vehicle Refueling Property Credit)

If you are not using the asset module, the input screens for the forms listed above are available in the Farm, Farm Rental, and Rent & Royalty folders (activity-based screens). For miscellaneous non-activity related credit data entry, the input screens are also included in the Credits folder.

Was this article helpful?

Yes No

Submit