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Qualified Improvement Property

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Level 1

How do you get Proseries to use 15 year depreciation for qualified Improvement Property as corrected in CARES Act?

 

G. Mayer

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Level 1

If you check Yes, under If Placed in Service after 9/27/17-It will automatically calculate 100% for QIP.

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Level 15
Level 15

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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Level 10

@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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Level 1

If you check Yes, under If Placed in Service after 9/27/17-It will automatically calculate 100% for QIP.

View solution in original post

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Level 8

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...

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