Answered: Election to use MACRS straight line method for current year assets

AnotherTaxGuy · ‎03-26-2022

Client put qualified leasehold improvements into service in 2021. Entered into Lacerte as 15 year with method code 67 (MACRS 15-year SL Improvements).

I'm getting a diagnostic (ref 2000191) saying an election statement is available to support the election to use MACRS straight line method for current year assets.

Anyone using this election? Is it new for 2021? I can't find anything about it, and if its required.

Thanks!

TaxGuyBill · ‎03-26-2022

No election statement is necessary. It is not new, and it has not been required for AT LEAST 20 years, so I have no idea why the program gives that diagnostic.

View solution in original post

TaxGuyBill · ‎03-26-2022

No election statement is necessary. It is not new, and it has not been required for AT LEAST 20 years, so I have no idea why the program gives that diagnostic.

AnotherTaxGuy · ‎03-27-2022

Thanks TaxGuyBill,

Weird, no idea why its coming up this year, but I did take a look back in several years of software and saw the same election. So thanks again for the quick follow-up, that diagnostic was really bothering me.

Election to use MACRS straight line method for current year assets

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