What asset class is an elevator, for the Asset Entry Worksheet in PS Basic? Other?

Forum|Forum|6 years ago
December 7, 2019
3 replies
25 views

Client owns a small group retreat, which is non -residential real estate. He installs an elevator in 2018, I know it is excluded from leasehold improvement status by not sure what asset code to use on the asset entry worksheet except other. Are there any other options?

Thanks in advance!

ProSeries Basic

This topic has been closed for replies.

Best answer by Terry53029

The cost of an improvement is depreciated according to the MACRS class and recovery period of the underlying property. I would use non -residential real estate.

Camp1040Author

Level 10

I realize it is 39 yr property, I'm just looking for a cleaner asset class instead of other.

T

Terry53029

Intuit Community Champion

Use J1 - non -residential real estate

T

Terry53029

Answer

Intuit Community Champion

The cost of an improvement is depreciated according to the MACRS class and recovery period of the underlying property. I would use non -residential real estate.

Camp1040Author

Level 10

Exactly, and when I used other, I marked it as non-residential property, so I might as well just use the J1 code as you suggested.

Sign up

Login with SSO

Let's get you signed in

Login with SSO