need to extend some depreciation. Does all 5,7,10, 15, and 20 year property all have to be the same? I wanted to do 10,15, 20 yr property SL/ADS, and 5,7, yr property SL/GDS. Sftware won't let me select that way. (it would last year) is it allowable to do that way? Am I wrong and software right, or am I right and the software wrong?
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What you are trying to do should work. As long as all assets in the same "class" use the same method, you are okay. One "class" can use a different method than another "class". It sounds like it could be a software bug. I'm not aware of any changes in that regard. -
One more thought: Are these assets placed in service this year? If so, my first answer stands. If not, you may not be able to change an asset that is already being depreciated.Comment
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no, all in 2016. i can change in the software by overriding, but I would prefer to go thru all the correct steps. But, just doesnt want to let me.. ThanksComment
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You may want to contact your software company and ask them about it. It could just be a mistake that they can easily correct.Comment
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