Section 179 Deduction

Forum|Forum|6 years ago
December 7, 2019
2 replies
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Farm client installed drain tile on farmland which is a 15 year asset qualifying for Section 179. I get a diagnostic saying invalid method for Sec 179. Previous answers indicate check the box for qualified leasehold improvements, which certifies that it is a 39 year property. this isn't 39 year property entered with method code 87. It is 15 year property entered with method code 66. How do I enter this to get the sec 179 deduction?

Lacerte Tax

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Best answer by George4Tacks

I agree 15 year https://accountants-community.intuit.com/articles/1607327-depreciation-methods code 66 or 67

IRC 179 should work. I did a quick test and it did. If you have problems, give more specifics. Be sure 179 is not being limited by income.

T

TaxGuyBill

Level 15

Somebody else posted a question today that Lacerte isn't allowing Section 179 on 15 year property, so I suspect it may be a program error that recently developed.