- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You need to choose J2, J3 or J4 in the list for the 15 year.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you, I did try that:). Proseries has an error message 'type of asset must not be J2 J3 J4 if date placed in service is after 12/31/17 please select type of asset J5 to report proper reporting of Qualified improvement property'
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Qualified Improvement Property is J5, but on the general information screen (where you first enter the taxpayer's name, address, etc.), there is a check-box near to top to make it use 15 years.
If I remember correctly, that is only needed on 2018 and 2019 returns.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Wait, are you doing a 2020 tax return? If so, J5 does 15 years. They just didn't correct the text for it yet.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
thank you! Yes, doing 2020 return, and making a 481a adjustment for the depreciation that should have been taken.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪