Yes, the class life of a boat is 10 years under MACRS.
Here is a link to the IRS Publication 946 Appendix B where the class life tables can be found.
To enter the information in TurboTax, you will need to go through the following steps:
- Start from the Schedule C section of your return until you get to the Assets/Depreciation section.
- Proceed to the point where you are adding an asset on the page titled Describe This Asset.
- Choose the last option on the list, Intangibles, Other Property, then click Continue.
- On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
- Enter the detailed information about the asset: description, cost, date purchased or acquired. Click Continue.
- Move forward with additional details on the next screen, then click Continue.
- Select the appropriate Asset Class, then click Continue.
- Choose the MACRS Convention (200% declining balance), then click Continue.
- Answer the question regarding Listed Property, then click Continue. There may be some additional background questions as well, keep going.
- Finally, you will see an Asset Summary screen with the current year depreciation amount listed. There is also a check-box here to Show Details. This will open a full description for the asset so you can verify that has been entered properly. If not, you can choose to go Back and re-enter the data that needs to be changed.
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