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The choice of half-year and mid-quarter depends on when the Asset was placed in service.
If in the first half of the year, half-year is used and mid-quarter for second half.
You MUST use the mid quarter convention when you put more than 40% of assets in use in the last quarter of the year.
Click this link for more info on MACRS Conventions.
Thanks and I understand that. My problem is with the Turbotax Home and Business program I am using. My entries are for items purchased first of the year and the TT program wants to use MQ convention. I can't find a way to change it to MY convention. I have run the items on another program that I can select MQ or MY on so I know what the numbers should be.
Without seeing your tax return and the basis and types of Assets you are depreciating, I can't definitely say why TurboTax is choosing mid-quarter instead of half-year for you.
Click this link for info on How to Get a Live Review.
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