It is giving me the option of 200% or 150% declining balance, straight line or alternate method.
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It will be easiest to select the type of asset and answer the questions about your prior year assets. At the end, you'll be able to check that the depreciation worksheets match your prior year depreciation worksheets. Then, go back and fix any assets that don't match perfectly.
Any year an asset was placed in service you'll see information listed on the 4562, behind the schedule C, including basis and depreciation type (200%, 150%, etc.). Otherwise, you'll need to look at the depreciation worksheets, which are not submitted to the IRS but should be at the back of your return.
For most equipment and furniture, the useful life is 5 or 7 years and the depreciation method used is 200% double declining balance. However, there's also what's called bonus or section 179 depreciation, which may result in taking a full deduction in the year the asset is placed in service.
Again, easiest thing to do will be enter assets based on type, as I explained first. Also make sure you have the depreciation worksheets. Let me know if you have any questions!
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