If a taxpayer places only one asset (a building) in service during the fourth quarter of the year, the mid-quarter convention must be used.
All real property is depreciated using the mid-month convention and does not factor into applicability of the mid-quarter convention for personal property.

Question

Quizplus · Accepted Answer

The mid-quarter convention applies to personal property, not real property like buildings, which use the mid-month convention for depreciation.

If a Taxpayer Places Only One Asset (A Building) in Service