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- How do I adjust the dep sched for the basis in property due to a cost seg on an asset that was acquired in the prev yr and the 25% limitation on the dep change?
How do I adjust the dep sched for the basis in property due to a cost seg on an asset that was acquired in the prev yr and the 25% limitation on the dep change?
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april-knight
Level 1
11-29-2022
12:13 PM
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TaxGuyBill
Level 15
11-29-2022
12:22 PM
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25% limit? Are you referring to the §481(a) Adjustment being spread out over 4 years?
The Assets should just show the actual Basis (what the cost seg said) and the proper prior depreciation based on that. The §481(a) Adjustment is independent of that and does not affect it.
