LongIslandTaxPr o
Level 2
03-21-2022
12:26 PM
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I did go into details and this is where I'm confused. According to IRS instruction for 4562 and Table 2 in there and client's situation, the limit on depreciation would be $16,100. Which fields in ProConnect do I need to fill out to generate this $16,100 depreciation. I selected the method and added $18,100 in "Prior special depreciation allowance". Do I need to fill out "life or class life (recovery period automatic)", "1-HY, 2=MQ (1st year automatic)" or any other fields to get this done right.