Elect Section 179 dialog

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Use this dialog to enter section 179 expense for eligible assets.

To open this dialog, open the Asset List window and do one of the following steps.

Notes

  • You can sort the assets that are listed in this dialog by clicking the column heading.
  • Click the Max All button to calculate and assign section 179 to the listed assets according to their order in the dialog.
  • When the assets are sorted by date, all assets that were acquired in the client's last three months appear above the blue line.
  • If the amount of section 179 elected in the Tax Election column exceeds that which is allowed for the client, the total for the Tax Election column displays in red.
  • Pressing the F11 key while in the Tax Election column enters the maximum section 179 expense allowed for the current asset.

Fields & buttons

Displays the date in service, activity, asset number, description, life, and tax basis for all current-year property that qualifies for the section 179 election.

  • Max All button: Click this button to enter the maximum section 179 expense allowed in the Tax Election and any state election columns for the listed assets.
  • Clear All button: Click this button to clear the section 179 expense entered in the Tax Election and any state election columns.
  • Max button: Click this button to enter the maximum section 179 expense allowed in the Tax Election and any state election columns for the selected asset.
  • Clear button: Click this button to clear the section 179 expense entered in the Tax Election and any state election columns for the selected asset.
  • Tax Election column: Use this column to enter the section 179 expense on qualified current-year property. This amount will be expensed for the Tax treatment (and AMT and ACE, when applicable) in the Asset Detail dialog.
  • State Election columns: Use these columns to enter the available section 179 expense on qualified current-year property for the appropriate state. This amount will be expensed for the state treatment.

Displays the total real property adjusted for the asset's business use percentage for all qualified Section 179 property.

These fields display the total amount of section 179 real property that has been entered in the Tax Election and state election columns.

To enter the maximum amount allowed in the corresponding Tax Election and state election columns for a selected asset, click the Max button. To enter the maximum amount allowed in the corresponding Tax Election and state election columns for the listed assets, click the Max All button.

Note: If the amount of section 179 elected in the Tax Election column exceeds the amount that is allowed, the total for the Tax Election column is displayed in red.

Displays the total tax basis adjusted for the asset's business use percentage for all qualified Section 179 property.

These fields display the total amount of section 179 that has been entered in the Tax Election and state election columns.

To enter the maximum amount allowed in the corresponding Tax Election and state election columns for a selected asset, click the Max button. To enter the maximum amount allowed in the corresponding Tax Election and state election columns for the listed assets, click the Max All button.

Note: If the amount of section 179 elected in the Tax Election column exceeds that which is allowed, the total for the Tax Election column is displayed in red.

Click this button to open the MACRS Convention Information dialog, which provides details on why the half-year or mid-quarter convention applies.

Note: The name of this button varies depending on the total cost of section 179 property that was placed in service during the last three months of the client's current year.

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