I deleted the asset entry and re-entered all the information. Now errors are gone and I see following values on the form:
#45: Depreciation Type: MACRS
#46: Asset Type: 15 --> Now it is 15 for some reason and TT seems to be happy. Is this the correct value?
#47: Depreciation method: SL
#48: MACRS convention: HY
#50: Recovery period: 15.0
#51: Year of depreciation: 1
#52: Depreciable basis: 0
#55: AMT Depreciation method: SL
#56: AMT recovery period: 15.0
#57: AMT Depreciable basis: 0
For Virginia State:
State Depreciation:
#63
g. State asset class: NR
h. State depreciation method: SL
i. State MACRS convention: MM
j. State recovery period: 39 --> For state it is 39 (not 15). Again not sure if this is correct?
k. State depreciation basis: 0
m. State depreciation deduction: 0
