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How do you get Proseries to use 15 year depreciation for qualified Improvement Property as corrected in CARES Act?
G. Mayer
Solved! Go to Solution.
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Anything in the CARES act would be for 2020, wouldnt it? Or did I miss the part about it being retroactive?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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@Just-Lisa-Now- wrote:Anything in the CARES act would be for 2020, wouldnt it? Or did I miss the part about it being retroactive?
This one was a rewrite of history, "as if included in section 3 of Public Law 115–97."
The 2018 ProSeries had a big checkbox on the Fed Info Wks to treat QIP as 15-year property. Don't know what they did for 2019. I'm guessing there will need to be an update.
Rick
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Its retroactive, see this link:
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If you check Yes, under If Placed in Service after 9/27/17-It will automatically calculate 100% for QIP.
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Do you have to code it as 'H" land improvements to get the Special Depreciation.. none of the other options gives me the ability to check 'put in service after 9/27/17".
Just in ProSeries...don't use FAM for this client...