TaxGuyBill
Level 15
03-02-2022
10:18 AM
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Interesting. You are right. I didn't know that.
§1.168-8 doesn't really say that, but Publication 544 does confirm that it is generally ordinary (I haven't traced where that is based on, but I'm assuming that is correct.
https://www.irs.gov/publications/p544#en_US_2021_publink100072287
As for how to enter it, I don't know if the program has an easy to to all it or not, but a work-around might be to just change the "placed in service" date and make it short-term.