Proseries Depr help

[Gretel]

I always struggle with this now I decided to ask the question. PS give you a drop down list for the type of assets, fe for 5 year property A - 5/5, D -5/6. So I have cattle, which are 5/7. So I enter manually as 5 year property but there is no place for the 7. I know the second number in the equation is for ADS but I cannot use ADS anyway. How do you enter cattle?

In addition it seems PS does not calculate the correct amount of depr for the 2nd year, f.e. basis 1,500, year 1 depr 300, year 2 depr 360 BUT looking at the charts, it should be 25.5% = 383??? What am I missing.

[TaxGuyBill]

Select code "O" (Other) then scroll WAY down to the very bottom to manually enter the recovery periods.

The 'default' for ProSeries uses the Mathematical method for depreciation, rather than the depreciation "tables". That can alter the numbers a bit. Right above the area where you manually enter the numbers for "Other" depreciation, are the check-boxes to choose to use the "tables" or the Mathematical method.

http://www.irs.gov/publications/p946/ch04.html#en_US_2013_publink1000107574

[Gretel]

Select code "O" (Other) then scroll WAY down to the very bottom to manually enter the recovery periods.

The 'default' for ProSeries uses the Mathematical method for depreciation, rather than the depreciation "tables". That can alter the numbers a bit. Right above the area where you manually enter the numbers for "Other" depreciation, are the check-boxes to choose to use the "tables" or the Mathematical method.

http://www.irs.gov/publications/p946...link1000107574

I did all of that but I can only enter 5 years, and I am fine with that part. I am still confused how the 7 years for ADS come into this picture.

Thanks for the explanation for small depreciation differences and that I can change this is PS.

[TaxGuyBill]

Oh yeah, that's right. I think on the rare occasion I've had to do that, I needed to override the "Recovery Period". Sorry.