Under the new rules for depreciation under the Tax Cuts and Jobs Act, we can now take section 179 on nonresidential real property. This includes Roofs. I entered the asset with the 39 year life and took the section 179. Lacerte is giving me a critical diagnostic: Depreciation asset #: Invalid method for section 179 expense. Do I ignore the diagnostic and file the return as is or do I change the life to a method that is valid?
Yeah, it seems like Intuit hasn't updated its software very well for the Tax Cuts and Jobs Act, including the new rules for Section 179.
*IF* it qualifies, I would ignore the diagnostic and file.
However, Section 179 only applies to property used in a "Trade or Business", so you would first need to make the determination if the rental property rises to the level of a "Trade or Business". The diagnostic should probably be changed to remind you of that requirement, rather than saying it is not allowed.
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