Deductions & credits

The 7 year property should be entered as follows below. It's important to stick with the same depreciation method for your assets. The IRS does not allow a change unless you are making a correction or requesting a change in accounting method.

You can use the following steps to correct the depreciation for seven year property.

1. Open your TurboTax Return > Search (upper right) > Type rentals > Click the Jump to... link >  Select the rental to edit
2. Scroll to Select Assets > on Describe this asset select General Purpose tools, machinery, and equipment > Continue to enter the asset information
3. On 'Tell us more about this Rental Asset' select 'I purchased this asset' > Select 'Yes, I've always used this item 100% of the time for business > Enter date you started using it
4. Continue  to MACRS Convention >  Select the half-year (unless most of your assets that year were purchased in the last quarter of the year)
5. Continue to see your accumulated prior depreciation > Continue to see the current year depreciation
6. Check the box to Show Details - You will see 7 year property depreciation calculated. (See example below)