You are correct, semi-trucks have a recovery period of 5 years. Here is how to fix it on TurboTax:
- Login to your TurboTax account
- Go to Tax Home and select Wages and Income
- By Self-employment & expenses, select Edit/Add
- It takes you to your self employment summary, click Edit
- Under Expenses, select Edit on the right side of Assets
- Select, Yes I want to go to my asset summary
- Click Edit on the Semi truck
- To Describe the asset, select Intangibles, Other Property, then Other asset type
- On the next screen, type the description on the property, the cost, the date purchased
- For the Tell us more screen, tells us how you got the property (buy, trade?), and the percentage of business use, and then it was placed in service
- The next screen gives you the option to select your Asset Class- this is were you can select 5 year property
- Continue answering the rest of the questions.
If you can't make these changes, you can delete the asset, instead of editing the asset you can delete it on Step 7, and enter it again.
Feel free to reach back if you have additional questions.
@derwishj
