Qualified Improvement Property

Forum|Forum|6 years ago
April 3, 2020
5 replies
47 views

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.

Best answer by CRF355

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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