George4Tacks
Level 15

Form: What does this mean? Is it where the entry will go to? Say I choose form 1120, would the depreciation go to depreciation under deduction on form 1120?  Choose 1 for 1120. You will be generating Amortization and it will show up as such on the 1120/.

Date placed in service: Should I group the supplies by each month, then in put the sum in the middle of the month for example (10/15/2022, 11/15/2022, etc). Or should I just pick a random date in the year (if it's assumed to start depreciate mid-point of the year, I guess it wouldn't matter?)  Your choice, you are signing the tax return.

Activity Name or number: every time I put a cursor on it there is a circle with a strike across it so I can't input anything in it. Do I need to input anything in it? If so, how to I override this? Just leave this blank. An example of how this is used would be on a 1040, Schedule E with multiple properties. The drop down would show those properties.  

Current Section 179. I can't expense it immediately, so I should put zero? Just leave this blank. FYI - 0  is the same as blank. If you REALLY want something to be a zero, use -1.

Method: I picked 91-non recovery, but where can I pick half year convention? Use 91 with life 5 and amortization code 174. Half year is not applicable for amortization. 

Prior section 179: I assume zero? Just leave this blank.

Prior special deprecation allowance: I assume zero?  Just leave this blank.


Answers are easy. Questions are hard!

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