ProSerie - Like Kind

[Gretel]

I need some help please understanding ProSeries terminology on asset entry worksheet.

Line: If this asset represents entire basis.....

I think this is for property given up. Excess basis applies only if "elect out of regs ..." box is checked.

Line: If this asset represents exchanged basis....

...and this line is used for property acquired.

If this is correct, there is something I don't understand. For the asset newly acquired I entered on line "Depr claimed on relinquished property in year of disposition" the amount claimed for asset given up. However, ProSeries then adds this depreciation amount to the basis of the new asset and uses it for depreciation again. If I leave this depreciation line blank, total depreciation looks OK.

Hope someone can explain.

[Gretel]

I am on my way figuring this one out. Printed all instructions from ProSeries. Most of the things asked for on the asset worksheet don't even apply to my situation. Form 8824 was easy, but making ProSeries do it right is a different story.