Investors & landlords

Follow these steps:

1. Delete the asset as you have it entered
2. Go to the Asset Summary screen for your rental.
3. Select Add an Asset.
4. When asked for the category, select Tools, Machinery, Equipment, Furniture.
5. On the next screen, select Appliances, Furniture, Equipment (5-year).
6. When it asks "Tell Us About This Asset," enter the name (Dishwasher), the cost, and the date.
7. Check the box, I purchased this asset
8. Check, Yes, 100% for business, enter date used - probably 12/3/2022
9. Select mid-quarter convention
10. Confirm Prior Depreciation - pulling up $202 for me as I did not include any sec 179 or bonus depreciation.
11. Enter your $262 in the "Prior Depreciation" box and the same for AMT unless you have a different amount.

Your date of 12/3/22 forces the program to recognize that more than 40% of the asset was place in service in Q4 to trigger the MQ convention. If you only have this asset and the program is forcing you to half-year or straight line, you will again need to delete the asset and choose equipment.