Equipment depreciation tables

[sadams1968]

I have Turbo tax for Business, I want to deprecate an asset for 7 years but the TT depreciation table calculation only will calculate for 5... How do I change it to 7 years? 

[Mike9241]

you can't. each type of asset falls into a class. the tax laws specify a specific life based on the class.  an override would result in you having to paper file.  you may want to review IRS PUB 946 to see if you placed the item into the proper class.

this is the 2020 version 2021 version isn't ready yet.but I don't think there were any changes in classes or class lives.

https://www.irs.gov/pub/irs-prior/p946--2020.pdf 

[JillS56]

Depending on the description you entered for the asset, TurboTax classified the asset as a 5-year class.   You should go back to the description and class you picked.   This is the only way you could change the asset depreciable years.  You would only be able to change the classification would be if it is the first year the asset is placed in service.   The classification and number of years depreciated are based on guidelines set by the tax rules and you cannot pick and choose.   The asset has to fit within a specified class established by the IRS. 

To Enter or Edit/Review Business Assets in TurboTax please follow the steps below: 

1. Log into TurboTax Online and access your Tax Return through the Timeline
2. From your Welcome Page in the upper right-hand corner find the Search Box and type Schedule C (capital S and C) hit enter and from the search options click on Jump to Schedule C 
3. Then (assuming your business has already been set up in TurboTax), you'll want to click Edit next to your business and then scroll down to the Business Assets topic and click on Start (or update) and you will be able to begin entering your new asset. 

TurboTax will walk you through the process. If you have any questions or hit some snags along the way, feel free to request for help on this thread. 

 @sadams1968   [Edited 2/26/2022  4:58 PM PST]