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Rename assets listed in depreciation schedule

Hello, I'm transferring data from a hard copy prior year 1065 business tax return for an LLC that rents commercial properties. I would like to rename some of the items in the depreciation schedule to make more sense and be less confusing. For example, one rental property is simply called "Land" and another is named by the city it is located in (with multiple properties in the same city). I want to rename these to say "Property 1234" with 1234 being the address number, which should remain a unique number. Then I can list out the building/land under each property (e.g. "Bldg 1234" or "Bldg 1234-A" and "Land 1234," etc.). As long as everything ties to the prior year schedule, does anyone see a problem with renaming these items? I'm unable to find an answer in the IRS pubs.

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1 Best answer

Accepted Solutions
JamesG1
Employee Tax Expert

Rename assets listed in depreciation schedule

Unable to find something that specifically addresses your question.  There is nothing wrong with renaming the assets in a way that makes sense to you. 

 

However, make sure that you are able to identify the same asset under its 'old' name within your records in previous fiscal years. 

 

For instance, generate a one or two page 'key' with the old name and the new name and include it in the your tax records for each fiscal year.

 

I have had to go back and re-assemble old accounting or tax issues and it is surprising how quickly you forget the specific details.  This 'key' will be helpful should you ever have to go back into the old records.

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2 Replies
JamesG1
Employee Tax Expert

Rename assets listed in depreciation schedule

Unable to find something that specifically addresses your question.  There is nothing wrong with renaming the assets in a way that makes sense to you. 

 

However, make sure that you are able to identify the same asset under its 'old' name within your records in previous fiscal years. 

 

For instance, generate a one or two page 'key' with the old name and the new name and include it in the your tax records for each fiscal year.

 

I have had to go back and re-assemble old accounting or tax issues and it is surprising how quickly you forget the specific details.  This 'key' will be helpful should you ever have to go back into the old records.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Rename assets listed in depreciation schedule

Thank you. Creating a key is good advice and would look professional enough to include it with copies of the return when the owner has to submit to the bank, etc. (Much better than my handwritten markup).

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