Drake Tax - 4562 - Half-Year, Mid-Month, and Mid-Quarter Conventions
Article #: 15019
Last Updated: October 18, 2024
Each convention is defined in the Form 4562 instructions. The software automatically selects the convention based on the guidelines, however, you can force either Mid-Quarter (MQ) or Half-Year (HY) by going to the 4562 screen and making an entry in the Force Convention drop-down.
Note You cannot force Mid-Month (MM) as a convention in the software since it only applies to the methods Accelerated Residential Rental (ARR), and Accelerated Real Property (ARP). If one of these methods is selected, Mid-Month (MM) will automatically be applied to that asset.
When you view the return you can see a listing of all depreciable assets on the worksheet titled FED DEPR Schedule. Near the middle of this worksheet the Method is displayed.