Just checking ... are you SURE it was set to 7 years in 2024? Did you enter it as a regular asset, rather than a "vehicle"?
Option #1: Amend 2024 to correct the amount of depreciation (but see the second part of #3 below)
Option #2: File Form 3115 to 'catch up' on the missed depreciation (but see the second part of #3 below). But that is long, confusing and tedious form so I would NOT recommend this method.
Option #3: Ignore the error and correct it on this year's tax return. For most depreciable assets, you would be forgoing some of the missed depreciation in 2024 (the difference between 7 years and 5 years). However, due to the vehicle limits that you presumably maxxed out, you wouldn't really be missing any depreciation, so personally, I would just correct it for this year's return and move on.
