DSellers
Level 1
02-21-2021
01:28 PM
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A commercial real estate client has a new HVAC system installed that should qualify for Section 179
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TaxGuyBill
Level 15
02-21-2021
01:29 PM
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What does the diagnostic say?
It only qualifies for Section 179 if the rental rises to the level of a "Trade or Business".
DSellers
Level 1
02-21-2021
01:51 PM
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Invalid method for Section 179 (39 year property). This is a commercial rental shopping center. It rises to that level.
TaxGuyBill
Level 15
02-21-2021
02:43 PM
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I'm a ProSeries user, so I can't help directly with Lacerte, but are you sure you entered the correct type of asset? You can't enter it as a regular improvement to the property. You need to indicate it it is the category for HVACs, Roofs and Fire/Alarm/Security Systems.
