Mark an activity as making an election under 163(j)(7)(B) or (C)

Follow these steps to mark that an activity has made an election under 163(j)(7)(B) or (C). This only applies for tax years 2018 and later.

Open the

Asset List

window for an activity.

Select Setup
, then Activities
.

Select the correct Form/Schedule, then Edit
.

Select the correct tax year in the Election under 163(j)(7)(B) or (C)
field.

Verify that the Type of trade or business
field has the correct value.

note

This field defaults to Real property trade or business
for all activities except for Farm and Farm Rent activities.

Select Enter
.

Select Done
.

note

This field is blank by default, and is only available for the following entities/activities.

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

This article applies to:

Product: UltraTax CS
Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization
Subject: Depreciation