Depreciation and Amortization

[Kostas_matak]

Hello Everyone,

I tried to use Turbotax for filing my taxes this year. I have been owned a rental property for a couple years and I have a problem with the years of the depreciation and the another issue with the amortization code.

For my appliances my accountant was using 7 years 200DB HY. When I entered my appliances on turbotax, the years of depriciation was autamatically 5 years 200DB HY. How can I change the years from 5 to 7?

Regarding the amortization, I have been using the code 461. This code is not listed on turbotax. How can I find it?

Thanl you 

[Mike9241]

appliances are 5 year property.  technically you should amend prior returns if all years are open or file form 3115 to change to 5 year life  and have your accountant do it for free because of the error. as a practical matter I would use 5 years and allow TurboTax to catch up on the depreciation missed over the remaining life.

The technically correct answer is to either amend if all tears are open years or file form 3115 if years are closed 

iRC 461  is not a code section that deals with amortizable items

see form 4562 instructions starting on page 15 for the proper code section

https://www.irs.gov/pub/irs-pdf/i4562.pdf 

[Kostas_matak]

Hello MIke and thank you for your response.