R. The prescribed method for low income housing. When the "Life" entered is 15 years, the date placed in service will be checked to see if it is before May 9, 1985. The appropriate table will then be used in the calculation.
R15. The optional method for 15 year low income housing. The straight line method of depreciation is computed over the life entered. Valid useful life years for this type of property are 15, 35 and 45 years. If a depreciation method of "R15" is entered with a useful life other than 15, 35 or 45 years, a 35 year life is assumed for computational purposes and a diagnostic message is issued. If a 35 year life is used then the date acquired is checked to determine the appropriate table to use based on the date being pre or post May 9, 1985.
RL. The prescribed method for low income housing purchased on a binding contract before May 9, 1985. This method represents an accelerated depreciation rate, changing to straight line to maximize the deduction. Enter a useful life of 15 years. If a life other than 15 years is entered, a 15 year life is assumed for computational purposes and a diagnostic message is issued.
R15L. The optional method for low income housing purchased on a binding contract before May 9, 1985. The straight line method of depreciation is computed over the life entered. Valid useful life years for this type of property are 15, 35 and 45 years. If a depreciation method of "R15L" is entered with a useful life other than 15, 35 or 45 years, a 35 year life is assumed for computational purposes and a diagnostic message is issued.
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