Shouldn't Proseries give "qualified resturant property" 15 year life in accordance with the PATH act of 2015 which gave "QRP" favorable tax treatment?

Forum|Forum|6 years ago
December 7, 2019
2 replies
7 views

When I added a major improvement to a resturant as "qualified resturant property" Proseries put 39 years as life rather than 15 years as passed in the PATH act of 2015?

ProSeries Professional

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Best answer by TaxGuyBill

Was this "placed in service" in 2018? If so, "Qualified Restaurant Property" does not exist for assets that are placed in service in 2018.

Those improvements would either be Nonresidential Real Estate (39 years) or "Qualified Improvement Property" (which is currently 39 years due to Congressional error, but may be changed to 15 years if Congress ever decides to correct their mistake).

T

TaxGuyBillAnswer

Level 15

Was this "placed in service" in 2018? If so, "Qualified Restaurant Property" does not exist for assets that are placed in service in 2018.

Those improvements would either be Nonresidential Real Estate (39 years) or "Qualified Improvement Property" (which is currently 39 years due to Congressional error, but may be changed to 15 years if Congress ever decides to correct their mistake).

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