Depreciation issue

[gman]

My software handles like kind exchages(business equipment) where it list the cost as the adjusted basis of old asset plus boot. No where on the depreciation schedule does it show the actual price of the new equipment. I have a client that would like to look back and see the actual value of that equipment. Does any of your software show the cost(value) of the new asset instead of the adjusted basis with trade in(value to depreciate)

[taxea]

you don't say what program you are using but if input in detail that you explained then the asset entry worksheet should provide the information you are looking for and that would be a part of the tax year that the asset was placed iinto service.

[Lion]

I can tell the program how to handle the new asset in a like-kind exchange, either continue the old depreciation and add a second asset to reach the new total or to eliminate the old asset and add the new asset using the full depreciable amount.

I usually prefer the former method, but insert or number the assets in a way that makes them post next to each other, often changing their descriptions to make it obvious what they are.