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Qualified Improvement Property

geri39
Level 2

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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CRF355
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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5 Comments 5
Just-Lisa-Now-
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♥¸¸.•*¨*•♫♪
rbynaker
Level 13

@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

Terry53029
Level 14
Level 14
CRF355
Level 1

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

dd4vols
Level 10
Level 10

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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