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The following types of assets require an entry in the GO Zone/168(k) (force) field in the Other tab. For information on each type, click the following links.
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For an asset to be considered GO Zone nonresidential real & residential rental property for bonus depreciation, the following must be true.
- The asset was placed in service between 8/28/05 and 12/31/11.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class has not been elected out.
- GO Zone nonres & res rental is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
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For an asset to be considered Disaster Area nonresidential real & residential rental property for bonus depreciation, the following must be true.
- The asset was placed in service after 12/31/07 for disasters declared after 12/31/07 and occurring before 1/1/10.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class has not been elected out.
- Disaster Area nonres & res rental is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
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When GO Zone leasehold improvement is selected in the GO Zone/168(k) (force) field, the asset is considered to be GO Zone leasehold improvement property.
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When Disaster Area leasehold improvement is selected in the GO Zone/168(k) (force) field, the asset is considered to be Disaster Area leasehold improvement property.
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For an asset to be considered qualified GO Zone extension property for bonus depreciation and additional section 179 expense, the following must be true.
- The asset was placed in service between 1/1/08 and 12/31/11 to qualify for bonus depreciation and placed in service between 1/1/08 and 12/31/08 to qualify for the additional section 179 expense.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life).
- GO Zone extension property is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
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For an asset to be considered improvement property for section 168(k), the following must be true.
- The asset was placed in service between 1/1/16 and 12/31/19.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class life has not been elected out.
- Improvement property (168(k)) is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
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To force an asset to be considered Computer software (167) property for section 168(k), the following must be true.
- The asset was placed in service between 9/11/01 and 12/31/14.
- The asset is depreciating using any of the following methods, as long as the class has not been elected out.
- MACRS (except MACRS SL ADS Life or MACRS 150% ADS Life)
- Straight Line
- Amortization
- Custom method
- Computer software 167 (168(k)) is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
Note: For an asset to be considered computer software for GO Zone bonus depreciation, 167 - Computer software must be selected in the Amortization section field in the asset's Other tab. If this selection is not chosen, you must choose Force to qualify 50% & 179 (GO Zone) from the GO Zone/168(k) (force) field in the asset's Other tab.
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For an asset to be considered Leasehold improvement property for section 168(k), the following must be true.
- The asset was placed in service between 9/11/01 and 12/31/15.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class life has not been elected out.
- Leasehold improvement (168(k)) is selected in the GO Zone/168(k) (force) field on the asset's Other tab.
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For an asset to be considered Water utility property for section 168(k), the following must be true.
- The asset was placed in service between 9/11/01 and 12/31/14.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class has not been elected out.
- Water utility property (168(k)) is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
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For an asset to be considered New York Liberty Zone nonresidential real & residential rental property for section 168(k), the following must be true.
- The asset was placed in service between 9/11/01 and 12/31/09.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class has not been elected out.
- NYLZ nonres & res rental is selected in the GO Zone/168(k) (force) field on the asset's Other tab.
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When NYLZ leasehold improvement is selected in the GO Zone/168(k) (force) field, an asset is considered to be New York Liberty Zone leasehold improvement property.
This type of property does not qualify for the section 168(k) 30% bonus depreciation.
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When Prop not qualified (GO Zone/168(k)/168(n)) has been selected in the GO Zone/168(k) (force) field in an asset's Other tab, the asset is considered to be property that is not qualified for bonus depreciation.
Note: If the Used checkbox is marked at the top of the Asset Detail dialog, Property not qualified (GO Zone/168(k)/168(n)) is automatically selected in the GO Zone/168(k) (force) field.
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Select the appropriate type of property from the GO Zone/168(k) (force) field in an asset's Other tab to force the calculation.
Note: See section 168(k), 168(n), and 1400L for further guidance.
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Select the appropriate type of property from the GO Zone/168(k) (force) field in an asset's Other tab to force the calculation.
Note: See section 168(k), 168(n), and 1400L for further guidance.
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For an asset to be considered QCBPP for bonus depreciation, the following must be true.
- The asset was placed in service between 12/21/06 and 12/31/12.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life).
- Cellulosic biofuel plant prop (QCBPP) is selected in the GO Zone/168(k) (force) field in the asset's Other tab.
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For an asset to be considered reuse and recycling for bonus depreciation, the following must be true.
- The asset was acquired and placed in service after 8/31/08.
- The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class life has not been elected out.
- Reuse and recycling property is selected in the GO Zone/168(k) (force) field in the asset's Other tab.