lou2
Level 2

I'm using proSeries to file a 1065 partnership that has depreciation. Under the new tax rules for 163J do I need to change the depreciation for building from 27.5 years to 30 years and if so how do I do it? Pro series automatically continues using the 27.5 years even if I check off that I'm electing for 163J. Also should I elect 163J for all partnerships that benefit from depreciation to create losses?

I'm lost here. please guide me.

 

0 Cheers