Depreciation reports available

Alerts and notices

See also: Overview of the asset module

UltraTax CS enables you to print detail reports listing federal, state, AMT, and ACE amounts, as well as a report showing the AMT and ACE depreciation adjustments.

Tip: To print any of these reports, select the desired reports in the Return Collation dialog. The reports will then print with the client's return.

Note: If you are licensed for Fixed Assets CS, additional reports are available in UltraTax CS if you create a Fixed Assets CS print profile and select the option to include Fixed Assets CS print profiles in UltraTax CS client or preparer print collations. For more information, see the Fixed Assets CS topic Creating a print profile.

The asset reports generated by UltraTax CS are as follows.

  • Asset Report (federal and state) - The assets in this report are sorted by: current year MACRS assets by life, prior year MACRS assets together (not sorted by life), other depreciation methods (any method that is not MACRS or Amortization), and amortization assets. This report shows the asset number, property description (asset's name), asset's date in service, cost basis (tax for federal and state cost basis for state), business use percentage, indicates if the asset took section 179 or bonus depreciation, the basis for depreciation, period (life of asset), convention, method, prior depreciation and current depreciation. A report will generate for each unique activity (Page one depreciation, Rental, Farm Rental, Schedule K-1, etc.)
  • Aggregate Asset Report (federal and state) - Only aggregate assets are included in this report. The report shows the asset number, description, date in service, cost basis, section 179 expense taken, salvage value, prior depreciation, current depreciation, total, net book value, method, and life.
  • Bonus Depreciation Report (federal) - This report lists the assets that have taken bonus depreciation in prior years as well as current year assets that have taken bonus depreciation. The report shows the asset's number, property description, date in service, tax cost, business use percentage, tax section 179 expense, current bonus depreciation, prior bonus depreciation, tax basis for depreciation. A report will generate for each unique activity (Page one depreciation, Rental, Farm, Farm Rental, Schedule K-1, etc.)
  • Depreciation Adjustment Report (federal) - This report groups all MACRS assets together and all of the other assets using a depreciation method that is not MACRS or Amortization together. The report shows the assets Form, Unit, Asset number, description, tax current depreciation, AMT current depreciation, ACE current depreciation, and AMT adjustments/preferences (tax current depreciation- AMT current depreciation.)
  • Future Year Depreciation Report (federal and state) - This report groups all MACRS assets together, all depreciation methods that are not MACRS or Amortization together and all Amortization assets together. A report will generate for each unique activity. The report shows the Asset number, depreciation, date in service, cost, tax, AMT and ACE.
  • AMT Asset Report (federal and state) - The assets in this report are sorted by: current year MACRS assets by life, prior year MACRS assets together (not sorted by life), other depreciation methods (any method that is not MACRS or Amortization), and amortization assets. This report shows the asset number, property description (asset's name), asset's date in service, AMT cost basis, business use percentage, indicates if the asset took section 179 or bonus depreciation, the basis for depreciation, period (life of asset), convention, method, prior depreciation, and current depreciation. A report will generate for each unique activity (Page one depreciation, Rental, Farm, Farm Rental, Schedule K-1, etc.)
  • AMT Aggregate Asset Report (federal) - Only aggregate assets are included in this report. The report shows the asset number, description, date in service, cost basis, section 179 expense taken, salvage value, prior depreciation, current depreciation, total, net book value, method, and life.
  • ACE Asset Report (federal) - The assets in this report are sorted by: current year MACRS assets by life, prior year MACRS assets together (not sorted by life), other depreciation methods (any method that is not MACRs or Amortization), and amortization assets. This report shows the asset number, property description (asset’s name), asset's date in service, ACE cost basis, business use percentage, indicates if the asset took section 179 or bonus depreciation, the basis for depreciation, period (life of asset), convention, method, prior depreciation, and current depreciation. A report will generate for each unique activity (Page one depreciation, Rental, Farm, Farm Rental, Schedule K-1, etc.)
  • ACE Aggregate Asset Report (federal) - Only aggregate assets are included in this report. The report shows the asset number, description, date in service, cost basis, section 179 expense taken, salvage value, prior depreciation, current depreciation, total, net book value, method, and life.