How do I stop an asset that is fully depreciated or amortized from carrying over to the next year?
When an asset is fully depreciated or amortized, the software will still update the asset to the next year for record-keeping purposes.
Beginning in Drake17, there is a checkbox in the Additional Asset Information section, located in the bottom left of the 4562 screen, where you can check the Do Not Update to next year checkbox. Selecting this will prevent the asset from updating to the next year, without it being sold.
If the asset was actually sold, complete the If Sold section with the date of sale and sales price (even if zero). If you only enter a date of sale, without a sales price, note 594 will be generated.