You'll need to sign in or create an account to connect with an expert.
Years. As for the number of years, it depends on what the asset classification is, and on what date it was placed in service.
If you sold the asset, then you "should" have been depreciating it already, from the date it was placed in service. In most cases (not all) assets that have a class life of less than one year are not depreciated, and are most commonly not treated as assets at all.
It is a really bad idea to be directly filling out the forms and worksheets unless you really know what you are doing (and your question indicates that you do not). It is best for you to use the Step-by-Step interview.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
wmattifordcsp
New Member
shoob1225
New Member
William104
Returning Member
William104
Returning Member
wwpscc
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.