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Section 179 Deduction

BobYCPA
Level 2

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?

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Accepted Solutions
George4Tacks
Level 15

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. 


Answers are easy. Questions are hard!

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3 Comments 3
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.
George4Tacks
Level 15

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. 


Answers are easy. Questions are hard!
JohnCPACFP
Level 3

As of 2/14/20 still gives a fatal error when Sec 179 is used with code 67 asset.  Alternative is to use code 91 (straight line) with a life of 15 yrs.