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KimB67
New Member

Straight line depreciation

How can you change from MACRS to straight line.  Straight line has been used in all previous returns.

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4 Replies
ThomasM125
Employee Tax Expert

Straight line depreciation

You would have to remove the assets you have been depreciating and then re-enter them using the adjusted basis as the cost of the assets. Then, select the straight line method and enter the number of years left for depreciation.

 

You would need the desktop version of TurboTax and would have to make entries directly on the asset entry worksheet to elect straight line depreciation.

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Straight line depreciation

When you are asked which type of asset it is, select "other", then "other" again.  Then you can manually select the option, including Straight-Line.

 

Straight line depreciation

Keep in mind that the MACRS calculation (tables) essentially does this switch automatically.

Exactly when would depend on each class life used.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

Straight line depreciation

for what type of property.     MACRS for real estate is in effect straight line.   

 

 

however, if you're using an invalid method for depreciating assets you need to file 3315 to correct this. you can not just change.   Using the wrong method can have significant tax consequences if there's a disposal.

 

 

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