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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Rehab credit reducing depreciable basis
Rehab credit reducing depreciable basis
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Keno6789
Level 1
02-19-2021
08:41 AM
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Rehabilitation credits on Form 3468 are supposed to reduce the depreciable basis in the property. This reduction does not appear to flow from Form 3468 to the deprecation schedule in ProSeries. Is there a way to get the program to do this automatically or do you have make the adjustment directly in the depreciation module?
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IRonMaN
Level 15
02-19-2021
09:01 AM
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I'm going to guess that you need to make the adjustment manually.
Slava Ukraini!
