ProConnect HelpIntuit HelpIntuit

Electing to not claim additional depreciation deduction in a Partnership return in ProConnect Tax

by ProConnect Tax Online Updated 7 months ago

How to make the election not to claim additional depreciation?

  1. From the Input Return tab, go to Other Elections.
  2. Click Election in the top right corner.
  3. Select the proper election tab at the top if there are multiple.
  4. Go to the section Election to Not Claim Additional Depreciation Deduction.
  5. Enter a 1 in the field labeled Elect to not claim additional depreciation: 1=section 1400N(d)(2), 2=section 168(k)(7) to print an election to not claim any additional depreciation deduction stemming from the Gulf Opportunity Zone Act of 2005. Enter a 2 to print an election to not claim any additional depreciation deduction resulting from the Small Business Jobs Act of 2010 / Tax Relief Act of 2010.
  6. In the Property class field enter the property class for the election to not claim an additional depreciation deduction per Section 168(k)(2)(C)(iii) stemming from the Job Creation and Worker Assistance Act of 2002.
ProConnect Tax

Sign in now for personalized help

Ask questions, get answers, and join our large community of Intuit Accountants users.

Dynamic AdsDynamic Ads