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Investors & landlords
Are there any other assets on your tax return, particularly a large dollar amount that was "placed in service" in October-December 2019?
If not, at first glance it looks like the accountant may have done it wrong. If they used $6256 for a 5-year asset of $17,874, they used the Mid-Quarter convention. But the Mid-Quarter convention only applies if 40% of the assets that were "placed in service" that year were "placed in service" in the last quarter of the year. That doesn't seem to be the case, which would mean the accountant used the wrong method.
‎June 11, 2020
11:18 AM