Depreiation

[joyces]

Where do I change convention from HY to MQ/

[IRonMaN]

The software should do that itself if everything is entered in correctly.

[abctax55]

Pay particular attention to the dates the assets were placed in service.

[joyces]

Here is the problem. When I change an individual asset to MQ from HY, the system tells me I have to use MQ for all assets acquired in 2019. So I changed them all to MQ but the error message isn't going away. My client has many different properties so there are a lot of acquisitions.

[itonewbie]

Is that a §1245 property?  When was it placed in service?  How much is the cost basis of that property relative to other properties placed in service during the year?

[joyces]

Most of the property was Sec. 1250. I am trying to enter assets entered by my client into her depreciation system. The ones I have errors on, I think are overidden and incorrect. They are walls a pond, and some gas lines. I di not think the Mid quarter convention can be used for these.

Thanks to all for your help.