Entering qualified real property section 179 expenses

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

To enter section 179 expenses for qualified real property in the asset module, perform the following steps.

  1. Open the Asset List window for an activity.
  2. In the Asset List window, click the Add button to add a new asset, or highlight an existing asset and click the Modify button.
  3. If you are adding a new asset, enter the asset's description, date in service, and information for any of the association fields at the top of the Asset Detail dialog.
  4. In the Depreciation tab, enter the asset cost, including the section 179 expense amount, in the Cost/Basis field of the Tax column.
  5. Click the Method/Life Wizard Method/Life Wizard button button and select the appropriate qualified real property class: Leasehold improvement, Restaurant building improvement, or Retail improvement.
  6. Enter the expense amount in the Sec 179 Expense field of the Tax column.

Note: Qualified real property is eligible for section 179 only when the asset was placed in service in 2011 or later.

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