Submitted by Singing Tax Lady on 01-22-2021 07:59 PM
This is going to set me apart as a class-A geek, but...
Am I the only one who has noticed that ProSeries doesn't do depreciation correctly (or at least not the way I learned it)?
It doesn't allow for MQ depreciation.
I entered a new client's stuff, and prior year depreciation, and there was something really wonky going on, and when I looked, I figured out why. It had been purchased in November, and was being depreciated under MQ (as I learned it should be), but ProSeries was trying to "correct" it to HY. I couldn't figure out for the life of me how to change it to MQ. That just doesn't seem to be an option at all.
So, did I miss some IRS bulletin and the rules changed? Or does PS just figure it doesn't really matter in the grand scheme of things?
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