I personally do not like work-arounds. (I think of the problem of entering something as a tool when it is actually equipment and I shudder to think about an audit.) I did this year what I did last year. Go to the asset entry worksheet form, line 46 and change the life to 7 years . TurboTax will tell you 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 you should cancel the override. However, since the IRS says that used farm equipment is 7 year property, I am sticking with the 7 year asset life. You can access the asset entry worksheet form when you are entering the asset. It takes less than a minute to do this -- and you are assured that the information is correct. Turbo Tax should change this; not everyone using Turbo Tax knows that used farm machinery has a 7 year life. I don't understand why they want you to use workarounds.
