Get your taxes done using TurboTax

The Tax Cuts and Jobs Act made changes to how farmers and ranchers depreciate their farming business property.  New farming equipment and machinery is now five-year property. This means that for property placed in service after Dec. 31, 2017, the recovery period is shortened from seven to five years for machinery and equipment. Used equipment remains seven-year property.  If you are using TurboTax Online, you may want to switch to TurboTax Desktop.  Desktop give you the ability to enter directly on Forms, Schedule, and worksheets using the "Forms" mode (as opposed to the step-by step.  This gives you more flexibility when it comes to things like selecting depreciation methods and periods.  See the attached screenshot showing how you can select the type of depreciation you want.  For information on switching from Online to Desktop, see the following:

 How do I switch from TurboTax Online to the TurboTax software?