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New Member
posted Mar 9, 2023 2:42:49 AM

How can I edit the depreciation method and an asset lifetime?

0 2 595
2 Replies
Expert Alumni
Mar 9, 2023 5:34:05 AM

Please clarify. Is this for a Schedule C business, a rental or a home office?

 

Level 15
Mar 9, 2023 8:53:08 AM

You also need to verify the asset was placed in service in 2022. If it was placed in service in a prior tax year and you used the wrong MACRS classification, you can't just arbitrarily change it in a later year. Doing so will mess up the depreciation history, as well as future depreciation.