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Use this dialog in the asset module to enter business use percentages so the application can calculate recapture under IRC section 280F. After you enter the percentages, verify that the recapture amounts transfer to Part V of Form 4797.
This dialog automatically opens when a prior-year asset's business use percentage, in the Vehicle/Listed tab, falls below 50 percent in the current year.
To open this dialog, open the Depreciation tab in the Asset Detail dialog and choose Tasks > Section 280F Recapture. Note that this command is available only if the asset's business use percentage is less than 50 percent, and if the asset's current and prior depreciation have been calculated.
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 depreciation taken in prior years based on business use percentages of 50 percent or greater. You cannot modify the information in this field.
This field displays the amount of depreciation that should have been taken based on the percentages displayed in the Prior Years' Business Use Percentages group box on the left. If desired, enter a new amount in this field.
This field displays the difference between the amount displayed in the Section 280F deduction field and the amount in the Depreciation or recovery deduction field.
Note: If you change the amount in the Depreciation or recovery deduction field, the amount in this field is automatically updated.
2018 UltraTax CS
