FSUCPA
Level 3

Preparing a 2020 partnership return. In 2018, assets were placed in service using straight line over 15 years and electing out of bonus depreciation. The box on the Info worksheet was checked yes to assume there was going to be a technical correction allowing a 15 year life for QIP.

Fast forward to 2020 and I want to revoke the 2018 election to not claim bonus depreciation on Form 3115 and write off the remaining balance of the asset in 2020. How do I get ProSeries to calculate the correct depreciation? Or does this have to be done manually?

 

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