How to enter depreciation entry with MACRS MM & 7 yr life in TurboTax

[shak0000]

Hi,

I'm entering depreciation info for a rental property from 2022 return into TurboTax (DESKTOP) and can't figure out how to enter the AIR CONDITIONER entry shown below so it calculates for 7 years, MM, and 200 DB.

I've tried all three possible Asset types with the following results.

Asset type: Residential Rental Real Estate calculates by 27.5 yrs, MM, SL

Asset type: Appliance calculates by 5.0 years, HY/QY, 200 DB

Asset type : Land Improvement calculates by 15 years, HY/QY, 150 DB 

Will appreciate any pointers.

Thank you.

[tagteam]

You're going to have to do it this way (and then select Other asset type:(

[Mike9241]

there is no MM convention for 7-year property its either half-year or mid-quarter (The mid-quarter convention. Use this convention if the mid-month convention does not apply and the total depreciable
bases of MACRS property you placed in service during the last 3 months of the tax year (excluding nonresidential real property, residential rental property, ... and property that is being
depreciated under a method other than MACRS) are more than 40% of the total depreciable bases of all
MACRS property you placed in service during the entire year

 for 7 years assets select tools, etc.

then office furniture, fixtures and appliances or in forms mode type e1.

[shak0000]

I tried it but as @Mike9241 also mentioned, you only get half yearly or mid quarter convention.  On my returns from previous years, this entry has been depreciated as MM.  Can I switch it now to a different method and just specify previously claimed depreciation on it?

[shak0000]

You are correct, there is only HL or MQ conventions available when going this route.  Can I switch convention to HY or MQ after having this entry depreciated with MM for last so many years? I tried calculating with MQ and HY methods while specifying previously claimed depreciation of $3632 out of $4000 and it calculated $0 for current year.