Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Qualified improvement property placed in service in 2019 should have a 15 year life option, there is not one in Proseries. Is there a work around?

cmbarbarita
Level 1
 
Labels (1)
0 Cheers
6 Replies 6
Just-Lisa-Now-
Level 15
Level 15

You need to choose J2, J3 or J4 in the list for the 15 year.  

j4.png


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
colleen4
Level 1

Thank you, I did try that:).  Proseries has an error message 'type of asset must not be J2 J3 J4 if date placed in service is after 12/31/17 please select type of asset J5 to report proper reporting of Qualified improvement property'

 

0 Cheers
TaxGuyBill
Level 15

Qualified Improvement Property is J5, but on the general information screen (where you first enter the taxpayer's name, address, etc.), there is a check-box near to top to make it use 15 years.

If I remember correctly, that is only needed on 2018 and 2019 returns.

 

TaxGuyBill
Level 15

Wait, are you doing a 2020 tax return?  If so, J5 does 15 years.  They just didn't correct the text for it yet.

colleen4
Level 1

thank you!  Yes, doing 2020 return, and making a 481a adjustment for the depreciation that should have been taken.  

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
Ahhh, I forgot about that typo in the on screen description!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers