When adding a new business asset and choosing the option to spread the deduction over several years, what MARCS convention does TurboTax apply?
Lost all previous year TurboTax files and hard copies of final returns. Trying to rebuild for 2016. When adding business assets, TurboTax asks me what MARCS convention I used in previous tax years. I have one asset purchased 6/8/15 and one from 11/26/14. If I originally used Turbotax and told it to spread the deduction out over several years, would it have applied mid-quarter to the June purchase and half-year to the November purchase or something else?
When adding a new business asset and choosing the option to spread the deduction over several years, what MARCS convention does TurboTax apply?
No, just the
opposite. Assuming no other assets were purchased during the year, and these
assets are not real property the convention for the asset purchased 6/15/2015
would be half-year , and the asset purchased 11/26/2014 would be mid-quarter .
When adding a new business asset and choosing the option to spread the deduction over several years, what MARCS convention does TurboTax apply?
No, just the
opposite. Assuming no other assets were purchased during the year, and these
assets are not real property the convention for the asset purchased 6/15/2015
would be half-year , and the asset purchased 11/26/2014 would be mid-quarter .
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