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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.
March 21, 2021
7:22 AM