Question
J5 Asset Type in Proseries Schedule C-Qualified Improvement Property
The qualified improvement property was changed to 15 years depreciation under CARES act. Yet in the proseries asset type J5 it still has 39 years for schedule C filer. There is no box for me to check to change this asset type to 15 years. Also, I tried to change it to J4 which is qualified leasehold improvement to get 15 years but Proseries has error message stated that "if the asset placed in service after 12/2017 cannot use asset type J2,J3 and J4". This is the law before the CARES act, not after the CARES act. Just wonder is that anyway to work around it or Proseries need to change the software to fix the asset type J5.
