Qualified Improvement Property

5 replies
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How do you get Proseries to use 15 year depreciation for qualified Improvement Property as corrected in CARES Act?

G. Mayer

ProSeries Professional

This topic has been closed for replies.

C

CRF355Answer

Level 2

If you check Yes, under If Placed in Service after 9/27/17-It will automatically calculate 100% for QIP.

Just-Lisa-Now-

Intuit Community Champion

Anything in the CARES act would be for 2020, wouldnt it? Or did I miss the part about it being retroactive?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

rbynaker

Level 13

@Just-Lisa-Now- wrote:
Anything in the CARES act would be for 2020, wouldnt it? Or did I miss the part about it being retroactive?

This one was a rewrite of history, "as if included in section 3 of Public Law 115–97."

The 2018 ProSeries had a big checkbox on the Fed Info Wks to treat QIP as 15-year property. Don't know what they did for 2019. I'm guessing there will need to be an update.

Rick

C

CRF355Answer

Level 2

If you check Yes, under If Placed in Service after 9/27/17-It will automatically calculate 100% for QIP.

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