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When information is imported from a prior year return, all previous depreciation data and assets are automatically inserted into the current year return. You will need to verify and edit your depreciable assets if any have been sold or taken out of service.

The current year tax return imports the depreciable assets disposed of in the prior year because it is possible to take an asset out of service in one tax year and place it in service again in a future year. This allows the taxpayer to transfer the asset data to future tax returns to avoid reentering the data. If you permanently disposed of an imported asset, merely delete it from the depreciable asset list.

The asset description, date placed in service, asset type, cost, method, life, convention, section 179 expense, and prior depreciation (if it was entered last year) will import to the current year return.


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