Answered: Shouldn't Proseries give "qualified resturant property" 15 year life in accordance with the PATH act of 2015 which gave "QRP" favorable tax treatment?

gene_scammahorn · ‎12-07-2019

When I added a major improvement to a resturant as "qualified resturant property" Proseries put 39 years as life rather than 15 years as passed in the PATH act of 2015?

TaxGuyBill · ‎12-07-2019

Was this "placed in service" in 2018? If so, "Qualified Restaurant Property" does not exist for assets that are placed in service in 2018.

Those improvements would either be Nonresidential Real Estate (39 years) or "Qualified Improvement Property" (which is currently 39 years due to Congressional error, but may be changed to 15 years if Congress ever decides to correct their mistake).

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TaxGuyBill · ‎12-07-2019

Was this "placed in service" in 2018? If so, "Qualified Restaurant Property" does not exist for assets that are placed in service in 2018.

Those improvements would either be Nonresidential Real Estate (39 years) or "Qualified Improvement Property" (which is currently 39 years due to Congressional error, but may be changed to 15 years if Congress ever decides to correct their mistake).

Just-Lisa-Now- · ‎12-07-2019

Did you check the box here?

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Shouldn't Proseries give "qualified resturant property" 15 year life in accordance with the PATH act of 2015 which gave "QRP" favorable tax treatment?

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