Camp1040
Level 11
12-07-2019
01:44 AM
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Client owns a small group retreat, which is non -residential real estate. He installs an elevator in 2018, I know it is excluded from leasehold improvement status by not sure what asset code to use on the asset entry worksheet except other. Are there any other options?
Thanks in advance!
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Camp1040
Level 11
12-07-2019
01:44 AM
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I realize it is 39 yr property, I'm just looking for a cleaner asset class instead of other.
Level 15
12-07-2019
01:44 AM
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Use J1 - non -residential real estate
Level 15
12-07-2019
01:44 AM
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The cost of an improvement is depreciated according to the MACRS class and recovery period of the underlying property. I would use non -residential real estate.
Camp1040
Level 11
12-07-2019
01:44 AM
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Exactly, and when I used other, I marked it as non-residential property, so I might as well just use the J1 code as you suggested.