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J
joyces
Level 2
April 23, 2020
Question

Depreiation

  • April 23, 2020
  • 5 replies
  • 16 views

Where do I change convention from HY to MQ/

 

This topic has been closed for replies.

5 replies

IRonMaN
IRonMaN
Level 15
April 23, 2020

The software should do that itself if everything is entered in correctly.

Slava Ukraini!
    J
    joycesAuthor
    Level 2
    April 23, 2020

    Here is the problem. When I change an individual asset to MQ from HY, the system tells me I have to use MQ for all assets acquired in 2019. So I changed them all to MQ but the error message isn't going away. My client has many different properties so there are a lot of acquisitions.

    itonewbie
    itonewbie
    Level 15
    April 23, 2020

    Is that a §1245 property?  When was it placed in service?  How much is the cost basis of that property relative to other properties placed in service during the year?

    ---------------------------------------------------------------------------------Still an AllStar
      abctax55
      abctax55
      Level 15
      April 23, 2020

      Pay particular attention to the dates the assets were placed in service.

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