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

 
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2 Replies
HelenC12
Expert Alumni

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

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

 

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Carl
Level 15

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

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.

 

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