DEPRECIATION

We bought a used semi truck in Feb 2024 and first use was Dec 2024. Turbo is calculating depreciation with a 3 year life. I think it should be 5 years. Am I right? If so, how do I get Turbo to change the life of this asset?

posted

a tractor for over-the-road use is 3 years. general purpose truck is 5 years. check the category you chose for the semi.

How do I resolve this error: AMT dep allowed is too large. For disposition calculations, depreciation cannot exceed business basis.

in Business & farm

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