Hello NBC, Regardless of the asset's life, if the property is eligible for bonus depreciation for regular tax purposes, then there is no AMT adjustment. Thus, either: The AMT book should be set to use the same depreciation method, life and bonus amount (if manually entering an asset, the system will default these to be the same). Thus, the depreciation is the same for both books (no AMT adjustment). Or, if you no longer are subject to AMT, then you can close the book. Here is more information on how to close a book inside the Sage Fixed Assets application: How to close a book .
Hello! With the new tax law in effect, what would be the treatment for AMT book for personal property 5, 7 & 10 year life if we are taking 100% bonus depreciation
To us an asset is a line item which needs to meet certain criteria. If you define it as a Personal or Real property, then we know what to tell you. I am sure I have seen assets which would fall into the catagory of “equipment maintenance” but we would not necessarily know “equipment maintenance” from a table or a computer.
Hello...does the fixed assets module contain equipment maintenance? Tks.