Under the new rules for depreciation under the Tax Cuts and Jobs Act, we can now take section 179 on nonresidential real property. This includes Roofs. I entered the asset with the 39 year life and t...
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Under the new rules for depreciation under the Tax Cuts and Jobs Act, we can now take section 179 on nonresidential real property. This includes Roofs. I entered the asset with the 39 year life and took the section 179. Lacerte is giving me a critical diagnostic: Depreciation asset #: Invalid method for section 179 expense. Do I ignore the diagnostic and file the return as is or do I change the life to a method that is valid?
One more question: I have checked both boxes (Partnership elect out and Include partner notification on K-1) and I see the notification on the K-1 but I do not see the election anywhere on the tax ret...
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One more question: I have checked both boxes (Partnership elect out and Include partner notification on K-1) and I see the notification on the K-1 but I do not see the election anywhere on the tax return. It is not on the Elections sheet. Also, I do not see where to list the partners names, ID and classification.
Is there an election in Lacerte for the Sec. 6221(b) for a partnership to elect out of the BBA regime (new audit rules)?
If Lacerte does not have the election, what is the procedure to make ...
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Is there an election in Lacerte for the Sec. 6221(b) for a partnership to elect out of the BBA regime (new audit rules)?
If Lacerte does not have the election, what is the procedure to make the election in the program.
Are we safe to start filing 2018 tax returns without including the Mortgage Insurance Premium deduction on schedule A or do you think that deduction will be extended to 2018?
I have a client that was an sole proprietor for January through September 2017. October 1, they incorporated as an S-Corp. February 2017 they bought a new vehicle. How do you take depreciation on the...
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I have a client that was an sole proprietor for January through September 2017. October 1, they incorporated as an S-Corp. February 2017 they bought a new vehicle. How do you take depreciation on the vehicle in the sole proprietorship in Pro Series? If I record the asset purchase date and then the date of incorporation, it makes the depreciation disappear because you obviously do not take depreciation on an asset that is acquired and disposed in the same year. Anyone have the situation happen to them and can provide some guidance?