The best way to deal with this is to delete your existing asset and start over. Since you can't force a number change on the current asset entry, you usually have to workaround the software by re-entering the asset using a different category that allows for a 39-year life. Here is how to do it:
- Delete the current Barn asset: If you just imported it and it’s showing 20 years, it will likely stay stuck that way.
- Add a New Asset: Select "Rental Real Estate" or "Nonresidential Real Estate" instead of "Farm Building" or "Barn."
- If that doesn't work, choose "Intangibles, Other Property" or "Other Asset Type" at the very bottom of the list.
- Manual Entry: Choosing "Other" often triggers a manual interview where you can specify:
- Cost / Date Placed in Service: (Use your original date from 10+ years ago).
- Recovery Period: Enter 39.
- Depreciation Method: Select Straight Line (S/L).
- Prior Depreciation: You will need your tax return from last year to enter the "Accumulated Depreciation" (the total amount you’ve claimed on the barn since you bought it).
Just an FYI, a general-purpose farm building (like a barn) is officially classified by the IRS as 20-year property and that is why TurboTax reported it as a 20-year property.
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