The Protecting Americans from Tax Hikes (PATH) Act first provided the definition of QIP that may apply to assets placed in service after Dec. 31, 2015. Qualified improvement property includes improvements made by the taxpayer to the interior portion of nonresidential real property that are placed in service after the building was first placed in service, but does not include structural components, elevators or escalators.
Qualified improvement property that is placed in service after Dec. 31, 2017, was intended to have a 15-year recovery period under the general depreciation system (GDS) or a 20-year recovery period under ADS, and generally be eligible for bonus depreciation. However, a drafting error in the TCJA left QIP off the list of 15-year property and made it ineligible for bonus depreciation. The CARES Act fixes that error and provides the originally intended 15-year GDS recovery period (20-year ADS) and bonus depreciation eligibility for QIP.
here are the steps I had to take because the TT guidance says you need to mark the technical corrections act box yes. i can't find it
type of asset line 5 - other
economic stimulus property 9a - check yes
bonus & line 9g - check 100%
deprec type line 45 - macrs
asset class line 46 - 15
depr method line 47 - SL
