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Section 179 election on 15 year Qualifed improvement property is not given as an option but should be allowed

mgeadscpa
Level 1

Cannot find an option for electing Sec 179 for the 15 year Qualified improvement proeprty

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TaxGuyBill
Level 15

Qualified Improvement Property is 39 years (at least until Congress fixes their error), but the entry for claiming §179 is where it always is: directly to the right of the "placed in service" date.

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7 Comments 7
mgeadscpa
Level 1
This option is not available in a trust return for 15 year  Qualifed improvement property. No Sec 179 option
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TaxGuyBill
Level 15
A Trust or Estate is not allowed to use Section 179:
https://www.irs.gov/instructions/i1041#idm140630131464016
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TaxGuyBill
Level 15

Qualified Improvement Property is 39 years (at least until Congress fixes their error), but the entry for claiming §179 is where it always is: directly to the right of the "placed in service" date.

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Just-Lisa-Now-
Level 15
Level 15

What's this screen and check box for?  I don't have any clients that have this type of property....but I figured that's what this was for.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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TaxGuyBill
Level 15
When Congress passed the Tax Cuts and Jobs Act, they MEANT for "Qualified Improvement Property" to be 15 years, but they neglected to actually put that in the Tax Code.

ProSeries presumably added that box so if/when Congress did a technical correction to change it to 15 years, we would have immediate access to use 15 years (which would then qualify for Bonus Depreciation).
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Just-Lisa-Now-
Level 15
Level 15
ahhh, ok

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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abctax55
Level 15
@TaxGuyBill
I have two MAJOR returns that I'm sitting on, waiting for guidance.  It's driving me nuts.
"*******Tax software is no substitute for a professional tax preparer*******
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