Case:15101418293 EFile [ ref:_00Di0Xs0j._5003j2BtOc7:refd g
I transferred fixed assets along with all other data for a partnership client.
Alternative min tax depreciation did not carryover properly. all assets purchased
1/1/18 forward are depreciated for this client at 200%DB, alt min tax is 150%db by law, no exceptions
The prior yr holdings transferred in showing alt min method was 200% - it changed my data!! Why?
For new assets entered - 200% depreciation taken for 5 yr assets purchased according to reg tax method I chose. The alt min depr schedule for the new assets also are reported as 200% for the alt min method, no where on the screen is there a place to enter alt min depr method. It should be automatic if you don't have to manually input it. I was on the phone for hours with absolutely no resolution & don't feel confident there was an understanding of the basis rule for this
This is old law - not new. Someone who understands alt min needs to look at this
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.