Solved: What asset class is an elevator, for the Asset Entry Worksheet in PS Basic? Other?

Camp1040 · ‎12-07-2019

Client owns a small group retreat, which is non -residential real estate. He installs an elevator in 2018, I know it is excluded from leasehold improvement status by not sure what asset code to use on the asset entry worksheet except other. Are there any other options?

Thanks in advance!

Terry53029 · ‎12-07-2019

The cost of an improvement is depreciated according to the MACRS class and recovery period of the underlying property. I would use non -residential real estate.

View solution in original post

Camp1040 · ‎12-07-2019

I realize it is 39 yr property, I'm just looking for a cleaner asset class instead of other.

Terry53029 · ‎12-07-2019

Use J1 - non -residential real estate

Terry53029 · ‎12-07-2019

The cost of an improvement is depreciated according to the MACRS class and recovery period of the underlying property. I would use non -residential real estate.

Camp1040 · ‎12-07-2019

Exactly, and when I used other, I marked it as non-residential property, so I might as well just use the J1 code as you suggested.

What asset class is an elevator, for the Asset Entry Worksheet in PS Basic? Other?

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.