joyces
Level 1

Where do I change convention from HY to MQ/

 

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IRonMaN
Level 15

The software should do that itself if everything is entered in correctly.


Slava Ukraini!
abctax55
Level 15

Pay particular attention to the dates the assets were placed in service.

HumanKind... Be Both
joyces
Level 1

Here is the problem. When I change an individual asset to MQ from HY, the system tells me I have to use MQ for all assets acquired in 2019. So I changed them all to MQ but the error message isn't going away. My client has many different properties so there are a lot of acquisitions.

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itonewbie
Level 15

Is that a §1245 property?  When was it placed in service?  How much is the cost basis of that property relative to other properties placed in service during the year?

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Still an AllStar
joyces
Level 1

Most of the property was Sec. 1250. I am trying to enter assets entered by my client into her depreciation system. The ones I have errors on, I think are overidden and incorrect. They are walls a pond, and some gas lines. I di not think the Mid quarter convention can be used for these.

Thanks to all for your help.

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