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How should I enter the Asset Class in a 1120-S "Asset Entry Worksheet" for Flooring Improvement under the Additional Asset Details section?

htcruz
Level 2

2021 ProSeries Professional-receiving error messages on "Asset Depreciation" entry page for a Residential Rental's Improvement (Flooring) depreciation in use since 2017. The error appears under the Additional Asset Details section of the Asset Entry Worksheet.  I input 15 as the asset class for the improvement to a residential rental property placed in service on 6/1/2017.  

 

 

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htcruz
Level 2

dkh, Thanks again.  Of course, you were on point.  

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4 Comments 4
dkh
Level 15

Why 15yr ?    Wouldn't it be code I - Residential Rental Property - 27.5yrs ?    

htcruz
Level 2

Hey.  Good question.  Yes.  Let me recheck-the life of an improvement to Residential Rental Properties. Clearly, I have forgotten the rules. 

Thank you. 

 

htcruz
Level 2

dkh, Thanks again.  Of course, you were on point.  

patrizia
Level 1

In ProSeries, what is the Type of Asset for residential rental property bathroom renovation and new flooring-

Thanks

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