User's Manual - Drake Software

Drake Software User’s Manual
Auto Expenses
Installment
Sales
Unlike Form 4797, Form 6252, Installment Sales, is not generated automatically if the
If sold fields are completed. For information on entering installment sales, see
“Installment Sales” on page 115.
Depreciation Elections
Two screens are used for indicating depreciation elections. Use screen 10, Additional
Depreciation Elections, to elect out of 50% bonus depreciation for some or all of the
assets placed in service in 2012. You can access this screen for an asset by clicking the
Additional Depreciation Elections link on screen 4562 for that asset. Use the ELEC
screen for other Form 4562 elections (listed under the Form 4562 heading on that
screen). For more on the ELEC screen, see “Election Options” on page 175.
Federally Declared Disaster
Auto Expenses
Screen code:
AUTO
If the Disaster assistance property box in the Federal declared disaster area is
marked, the property will qualify for additional Section 179 deduction and also for
50% bonus depreciation. A selection here will increase the section 179 limits on Form
4562, lines 1 and 3 accordingly.
Marking the GO Zone Extension property check box will not change any 2012 calculations
in Drake. The box remains on the screen to alert the preparer if the asset is
sold and anything must be recaptured due to additional GO Zone deductions in a prior
year. All federal GO Zone provisions have expired.
The Auto Expense Worksheet (AUTO screen), accessible from the Adjustments tab,
is used for calculating automobile expenses related to certain types of income. The
program calculates the mileage rate automatically.
NOTE
Enter data for Schedule C, Part IV, Information on Your Vehicle, on the
AUTO screen (click the AUTO link on screen C). Use the For and MFC
fields to associate the AUTO screen with the correct C screen.
Applying Auto Expenses to a Form
AUTO screens can be applied to Schedules C, E, and F, and Form 4835. Use a separate
AUTO screen for each vehicle. A WK_AUTO worksheet is generated for each
AUTO screen created.
Tax Year 2012 171