Qualified Improvement Property

[geri39]

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

G. Mayer

[Just-Lisa-Now-]

Anything in the CARES act would be for 2020, wouldnt it?  Or did I miss the part about it being retroactive?

[rbynaker]

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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?

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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

[Terry53029]

Its retroactive, see this link:

https://taxnews.ey.com/news/2020-0806-cares-act-adopts-technical-amendments-for-qualified-improvemen...

[CRF355 · Accepted solution]

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

[dd4vols]

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...