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Wayne69
New Member

MACRS. How do you change MACRS from mid quarter to half year? I need to match another depreciation schedule

 
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3 Replies
MarilynG1
Expert Alumni

MACRS. How do you change MACRS from mid quarter to half year? I need to match another depreciation schedule

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. 

 

 

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Wayne69
New Member

MACRS. How do you change MACRS from mid quarter to half year? I need to match another depreciation schedule

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.

MarilynG1
Expert Alumni

MACRS. How do you change MACRS from mid quarter to half year? I need to match another depreciation schedule

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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