New Jersey affordable housing asset association
This article provides guidance for managing clients with housing developments that qualify for New Jersey Affordable Housing Depreciation benefits. The process involves configuring asset associations and designating qualifying properties.
For clients with housing developments qualifying for the NJ Affordable Housing Depreciation, follow these steps to set up an association for NJ affordable housing.
- In the federalAssetmodule, selectSetup, thenAssociations.
- Select the checkboxNJ - Affordable housing.
- Once you select this, each asset in theAssetmodule will display a checkbox forNJ - Affordable housingin the client.
- For each asset that qualifies, select itsNJ - Affordable housingcheckbox so that it's included on Schedule S as Affordable housing depreciation.
- For clients who manually enter their data rather than using theAssetmodule, you can select assets qualifying as NJ - Affordable housing inside eachDepreciation and disposition adjustmentsstatement on theNJDeprscreen.
