DianeW777
Employee Tax Expert

Business & farm

Yes, you can make an adjustment for the correct depreciation.  Be sure to keep your records with your tax returns until you fully dispose of the asset(s).  

 

In your situation where you need to make an unusual adjustment to the depreciation schedule for an asset you can use the following steps. You may need to delete the assets you need to change.

  1. Go to your business activity then scroll to Assets to select start or revisit
  2. Add another asset and select 'Intangible, Other Property' > Continue > Select 'Other asset type'
  3. Continue to follow the prompts, enter 15 year property and when you reach the Section 179 screen put in the 50% used in the first year
  4. TurboTax will calculate the correct amount for the current year.
  5. When asked about the prior depreciation, use the amount you have used through 2021.  Do NOT duplicate the Section 179 amount a second time.  TurboTax understands and will include it.  
  6. See the images below.

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