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Activity(ies) dialog

Use this window to change the Method/Life Wizard type (General, Farm, Indian Reservation, and Indian Reservation Farm) for the current activity. By default, all activities use the General Method/Life Wizard type, except for Schedule F which defaults to using the Farm Method/Life Wizard type.
To open this window, open the Asset List window for an activity and select Setup, then Activity.

Fields and buttons

Displays the current activity.
Choose whether the selected activity will use the asset classes for General, Farm, Indian Reservation, or Indian Reservation Farm.
Based on your selection, during asset data entry, the Method/Life Wizard in the Depreciation tab opens a list of asset classes specific to General assets, Farm assets, Indian Reservation assets, or Indian Reservation Farm assets.
Select the economic type of the selected activity. The economic type lets the Method/Life Wizard select the correct lives to use when
Machinery, equipment or fixture
 is selected as the asset class.
If this activity is a real property trade or business or an electing farm business, then select the tax year that you made the election in. This only applies for 2018 or later tax years. This is blank by default.
If a you are electing out of 163(j)(7)(B) for a Farming business or Real property, you'll need to do this for each activity. Once you enter a year in this box, then the Change of Use when Electing 163(j)(7)(B) or (C) statement will be available from the Tasks menu for these certain types of property.
  • 1040 - Business, Bus COGS, Rental, Farm, Farm Rent
  • 1041 - Business, Bus COGS, Rental, Farm, Sch K-1
  • 1120C - Business, COGS, Farm, Farm Rent, Rental
  • 1120S - Business, COGS, Farm, Farm Rent, Rental
  • 1065 - Business, COGS, Farm, Farm Rent, Rental
  • 990 - OP, OP COGS, Rental
Select the type of trade or business of the activity. This box is only available if a tax year is selected in Election under 163(j)(7)(B) or (C).

Real Property Trade or Business

If the activity is real property trade or business, then the
Change of Use when Electing 163(j)(7)(B) or (C)
 statement is available to you for MACRS real property assets. You can find this statement in the Tasks menu when you edit an asset.
When you place an asset from the following list in service in the tax year or a later tax year of the election, Fixed Assets CS will use the MACRS SL ADS method and ADS life by default.
  • Improvement Property (qualified)
  • Leasehold improvement (not qualified)
  • Leasehold improvement (qualified)
  • Office in home
  • Real property (nonresidential)
  • Real property (residential)
  • Restaurant building improvement
  • Retail Improvement

Farming Business

If the activity is a farming business, then the
Change of Use when Electing 163(j)(7)(B) or (C)
 statement is available to you for prior year MACRS assets that have a life of 10 or greater. This statement is in the Tasks menu when you edit an asset.
When you place a farming business asset in service in the current tax year of the election and the asset has a life of ten years or greater, Fixed Assets CS will use the MACRS SL ADS method and ADS life by default when you use the Method/Life Wizard.
Select
Yes
 from the dropdown to indicate the activity qualifies as a trade or business for Section 199A, or select
No
 to indicate that it does not qualify. This only applies for tax years ending 2018 and later. This is blank by default. For COGS and Bus COGS activities, the box is grayed out. To enter Yes/No for COGS or Bus COGS, go to the Business activity (or create one if it doesn’t exist) and fill out the box, which will automatically transfer to the COGS or Bus COGS activity.
Select this to open the Vacation Home Percentage window, in which you can enter vacation home usage to calculate the depreciation percentage for rental activities.
Select this to open the Ohio Addback window, in which you can select an addback amount for 1040 Ohio activities in the open client.
Select this to open the Simplified Home Office window, where you can specify the home to which you want to apply the simplified home office deduction. (Home offices are entered in the Home Office tab of the Asset Detail window.)
This is available only for 1040 clients.
Select this to open the 168(i)(4) Election window, where you can apply the section 168(i)(4) election to activities on Form 4562, Part III.
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