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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Is selecting 85-MACRS 27.5 for rental property on Schedule C correct? Getting the following: "Depreciation asset #2: Invalid method for section 179 expense"
Is selecting 85-MACRS 27.5 for rental property on Schedule C correct? Getting the following: "Depreciation asset #2: Invalid method for section 179 expense"
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Thisisluislopez
Level 1
04-24-2020
09:30 AM
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Other info: Category is 4= Building
Date placed in service is 3/18/19
Cost and Section 179 expense both filled. I only get the error when entering the 179 amount.
Date placed in service is 3/18/19
Cost and Section 179 expense both filled. I only get the error when entering the 179 amount.
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Thisisluislopez
Level 1
04-24-2020
09:34 AM
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Also, in case it makes a difference, we have 2 other properties but only selected one of the 3 to use section 179 for.
TaxGuyBill
Level 15
04-24-2020
09:53 AM
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Are "services" (such as maid service or meals) provided?
If not, it belongs on Schedule E, not Schedule C. If it is on Schedule E, 27.5 years is correct (assuming it is in the US). However, Section 179 would not be allowed on the building itself.
If "services" are provided, then Schedule C is correct, but you need to use 39 years (assuming it is in the US). But Section 179 would only be allowed for a roof, furnace/ac, fire system/alarm and security system. Section 179 would not be allowed on the rest of it.
