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Depreciation assets are missing from the QBI calculation
by Intuit• Updated 1 month ago
Want to learn more about QBI Deductions with Multiple Entities? You can watch our webinar on How to plan for Multiple Business Entity Impacts on the Qualified Business Income Deduction. See here to view the recording.
When reviewing the assets included in the QBI calculation, if some are missing, it could be because of the following:
- An asset that is past its depreciable life isn't included in the unadjusted basis immediately after acquisition (UBIA) calculation according to Publication 535.
- Generally, an asset can be claimed for its entire MACRS depreciation life or ten years, whichever is longer.
- For example, if an asset has a seven year life, you can include it for ten years. If it has a twenty year life, you can claim it for twenty years.
- If you need to alter the UBIA calculation for a particular asset, overrides are available on the Depreciation screen.
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