Asset was depreciated over 5 years on last years return, but when added in Turbo tax, it shows 7 years - how can I change the asset class to match last years return?
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Go to Forms Mode (icon in upper left corner).
Select the Asset Entry Worksheet for the asset in question.
Scroll down to Detail Asset Information.
Under Regular Depreciation, change Line 46, Asset Class to reflect the correct useful life of the asset.
Hello, when I try this method in forms mode, I am not able to change the depreciation schedule. It will not allow me to change it from 7 years to 5. Any help?
What is the asset? Check to make sure 7 years is correct. You may need to amend 2018 to be consistent.
For starters, if you make changes in forms mode, chances are high you will *automatically* invalidate the TurboTax 100% Accuracy Guarantee. Additionally, you will not be able to e-file. You'll be forced to print, sign and mail the return to the IRS (and to your state if applicable).
In the assets section click the "Add an Asset" button.
Select Intangibles, Other Property and continue.
Select Other asset type and continue.
Keep working it through from there and you can select your asset type and class life.
Since the asset was placed into service in a prior tax year, you'll be asked for prior years depreciation already taken. To get that amount look at the 4562 titled Amortization & Depreciation Report from the 2018 return. Add together the amounts in the prior year depr column and the current year depr column and enter that total into your 2019 return for the total of all prior years depreciation already taken in prior years.
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