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Elect Section 179 dialog

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Use this window to enter section 179 expense for eligible assets.
To open this window, open the Asset List window and do one of the following steps.
  • Select Tasks, Elect Section 179.
  • Select 179 in the Asset List window.
note
  • You can sort the assets that are listed in this window by selecting the column heading.
  • Select Max All to calculate and assign section 179 to the listed assets according to their order in the window.
  • When the assets are sorted by date, all assets that were acquired in the client's last three months appear above the blue line.
  • If the amount of section 179 elected in the Tax Election column exceeds the limit for the client, the total for the Tax Election column displays in red.
  • Pressing the F11 key while in the Tax Election column enters the maximum section 179 expense for the current asset.

Fields and buttons

Qualified section 179 property
Displays the date in service, activity, asset number, description, life, and tax basis for all current-year property that qualifies for the section 179 election.
  • Max All button:
     Select this to enter the maximum section 179 expense in the Tax Election and any state election columns for the listed assets.
  • Clear All button:
     Select this to clear the section 179 expense entered in the Tax Election and any state election columns.
  • Max button:
     Select this to enter the maximum section 179 expense in the Tax Election and any state election columns for the selected asset.
  • Clear button:
     Select this to clear the section 179 expense entered in the Tax Election and any state election columns for the selected asset.
  • Tax Election column:
     Use this column to enter the section 179 expense on qualified current-year property. This amount will be expensed for the Tax treatment (and AMT and ACE, when applicable) in the Asset Detail window.
  • State Election columns:
     Use these columns to enter the available section 179 expense on qualified current-year property for the appropriate state. This amount will be expensed for the state treatment.
Real property total: Tax Basis
Displays the total real property adjusted for the asset's business use percentage for all qualified Section 179 property.
Real property total: Tax or [state] Election
These display the total amount of section 179 real property that has been entered in the Tax Election and state election columns.
To enter the maximum amount in the corresponding Tax Election and state election columns for a selected asset, select Max. To enter the maximum amount in the corresponding Tax Election and state election columns for the listed assets, select Max All.
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If the amount of section 179 elected in the Tax Election column exceeds the amount limit, the total for the Tax Election column is displayed in red.
Grand total: Tax Basis
Displays the total tax basis adjusted for the asset's business use percentage for all qualified Section 179 property.
Grand total: Tax or [state] Election
These display the total amount of section 179 that has been entered in the Tax Election and state election columns.
To enter the maximum amount in the corresponding Tax Election and state election columns for a selected asset, select Max. To enter the maximum amount in the corresponding Tax Election and state election columns for the listed assets, select Max All.
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If the amount of section 179 elected in the Tax Election column exceeds the limit, the total for the Tax Election column is displayed in red.
Half-year FYI / Mid-qtr FYI button
Select this to open the MACRS Convention Information window, which provides details on why the half-year or mid-quarter convention applies.
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The name of this button varies depending on the total cost of section 179 property that was placed in service during the last three months of the client's current year.

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