"I am trying to enter Un-Adjusted and Adjusted Basis Immediately after Acquisition, am I in the right place?"
Is one of the many formats this question is asked...
To simplify things, we're just looking for prior depreciation.. and Halon does the rest.. to find this information, just look at your prior year tax return for the depreciation schedule and find what's already been taken as "prior".
"Well then what do I do with adjusted basis?"
Adjusted basis is just what's "left" after removing what's been taken already as depreciation. The "Cost" will be the un-adjusted basis, prior depreciation you will see from prior years, and if you subtract the two, the remaining is the adjusted basis, which the software will automatically calculate once you enter cost (un-adjusted basis) and prior depreciation.
"So to be clear, adjusted basis is entered on the fixed assets page, and it will be the balance once I enter the prior depreciation?"
You don't have to enter adjusted basis, Halon automatically calculates it for you. So just enter any prior depreciation, sec 179 or bonus depreciation and Halon will subtract those figures from the cost and automatically calculate your adjusted basis.
Have any questions? Just chat us in the lower right hand corner.