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On S-Corp return with qualified improvements (J5). The program is NOT taking the 179 deduction.
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You can claim 179 on qualified real property in 2018, see Rev Proc 2019-08 for how to do this!
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You can claim 179 on qualified real property in 2018, see Rev Proc 2019-08 for how to do this!
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Qualified improvements are currently in limbo pending a technical correction by Congress. Here's an article on it:
https://www.kbkg.com/news/kbkg-tax-insight-tax-reform-changes-to-qualified-improvement-property
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If and when Congress makes the technical correction, then it qualifies.
I'm not sure if the S-corporation is the same, but in the Individual returns in ProSeries, the Information Worksheet (where you enter the taxpayer's name, address, etc.) it has a check box to use the 15-year Recovery Period for Qualified Improvements (which should then allow Section 179). However, I would not recommend filing that way until the law is changed to reflect that.
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There is now a box to check in the Lacerte depreciation input screen to identify the "Qualified Real Property." I am not sure which update added this box, but it's now there! Problem Solved!
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