sw-pa-farmer
Returning Member

Business & farm

I have the same problem. I went to the asset entry worksheet form (line 47) and changed the life to  7 years .  TurboTax tells me that the calculated value for the Asset Class (i.e. 5 years) is the only valid choice based on type of asset selected and that I should cancel the override.  However, as you noted, since the IRS says that used farm equipment is 7 year property, I am sticking with the 7 year asset life.