I am entering my used farm equipment purchases (tractor, implements) for depreciation, and everything I've found online indicates they should be 7-year property. However, when I enter them in TurboTax, it puts them in as 5-year property. If I go back through the Edit button to review the information, the "I purchased this asset new" box is checked, even though I selected "None of the above" when I entered the asset. If I deselect the "I purchased this asset new" box and continue, it still keeps it at 5-year depreciation and the box is again checked when I go back through to review. Can anyone explain this? Isn't used farm equipment (such as a tractor implement) supposed to be 7-year depreciation? I have a screen capture video of this occurring during the asset entry, and I'm concerned that my previous years' taxes may have been incorrect due to this issue. I first noticed it on 2019, but I think it's the same for previous years, as well.
