Enter qualified real property section 179 expenses
To enter section 179 expenses for qualified real property , complete the following steps.
- Open the desired client and, if necessary, select an activity folder.
- In the Asset List window, selectAddto add a new asset, or choose an existing asset and selectModify.
- If you're adding a new asset, enter the asset's description, date in service, and information for any of the association fields at the top of the Asset Detail window.
- In the Depreciation tab, enter the asset cost, including the section 179 expense amount, in theCost/Basisfield of the Tax column.
- SelectMethod/Life Wizardand select the appropriate qualified real property class:
- Leasehold improvement
- Restaurant building improvement
- Retail improvement
- Enter the expense amount in theSec 179 Expensefield of the Tax column.noteQualified real property is eligible for section 179 only when the asset was placed in service in 2011 or later.
