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Level 4
posted Mar 25, 2023 3:41:26 PM

Entering restorations in TT

My truck required a major repair which I believe qualifies as a restoration under the BRA test. How do I enter this into TT. If I create a new asset I'm not sure if I enter the in-service date for the vehicle being repaired (which was in 2015), or enter the date of the restoration as the " in service date". It gives some wacky results if I use the date the vehicle went into service. I'd like to write off the restoration cost under 179. The vehicle is fully depreciated and is NOT a "listed asset". 

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1 Best answer
Level 4
Mar 26, 2023 9:27:16 AM

Thanks for the quick response, I'll do that. 

2 Replies
Expert Alumni
Mar 26, 2023 9:01:02 AM

The restoration costs would be a new asset under the "betterment, a restoration, or an adaptation" test. Therefore, the in-service date would be the date when the restoration was complete.

 

Generally, a property is considered placed in service when it is ready and available for a specific use, regardless of whether or not it is actually used at the time.

 

See Depreciation Reminders

Level 4
Mar 26, 2023 9:27:16 AM

Thanks for the quick response, I'll do that.