BobYCPA
Level 2
‎12-07-2019 01:19 AM

Farm client installed drain tile on farmland which is a 15 year asset qualifying for Section 179.  I get a diagnostic saying invalid method for Sec 179.  Previous answers indicate check the box for qualified leasehold improvements, which certifies that it is a 39 year property.  this isn't 39 year property entered with method code 87. It is 15 year property entered with method code 66.  How do I enter this to get the sec 179 deduction?

Labels
0 Cheers
TaxGuyBill
Level 15
‎12-07-2019 01:19 AM
Somebody else posted a question today that Lacerte isn't allowing Section 179 on 15 year property, so I suspect it may be a program error that recently developed.
George4Tacks
Level 15
‎12-07-2019 01:19 AM

I agree 15 year https://accountants-community.intuit.com/articles/1607327-depreciation-methods code 66 or 67

IRC 179 should work. I did a quick test and it did. If you have problems, give more specifics. Be sure 179 is not being limited by income. 


Here's wishing you many Happy Returns

View solution in original post

JohnCPACFP
Level 3
‎02-14-2020 08:49 PM

As of 2/14/20 still gives a fatal error when Sec 179 is used with code 67 asset.  Alternative is to use code 91 (straight line) with a life of 15 yrs.