Anonymous
Not applicable

Business & farm

 like section 179 you would have to go back and amend the original return.  i am assuming TT is computing depreciation on the furniture which based on a 5 year life would mean it's used in residential real estate. office furniture has a 7 year life.

 

 

since neither 179 nor bonus were taken 

1st year with 5 year life depr should be 20% of cost 7 year 14.29%. if 40% or more of the cost of the assets (other than property subject to mid-month convention) was put into service in the 4th quarter then depr is computed using the mid-quarter convention.   

 

 

for additional info on depreciation see PUB 946

https://www.irs.gov/forms-pubs/about-publication-946