Form 3115 and adjusting depr schedule in drake

[reschmann760]

I am trying to enter a change of accounting method 3115 and adjust depreciation in Drake software. The change resulted from a cost segregation analysis and I am trying to enter changes into the depr schedule in Drake. Has anyone done something like this and how did you do it?

[TaxGuyBill]

I don't use Drake, but here are a few thoughts:

You should enter all assets using the current/correct method of depreciation, and the corresponding 'prior depreciation'. That will give the current year and future years the proper depreciation. You may need to delete the old assets and enter new ones.

When you do that, does Drake show a schedule for each asset's depreciation over its life? If so, you can use that to figure out the amount of the §481(a) adjustment for Form 3115. If not, you will need to manually do the prior year depreciation using the current/corrected methods of depreciation.


Does that help at all? If not, please let us know exactly where you are stuck.

[ATSMAN]

Please call Drake support and explain exactly what you are trying to do, because it will require overrides.