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agcclc
New Member

Turbo Tax has a 7 year depreciation for self employed equipment (boat) rental. The IRS says boats must be depreciated over 10 years. How to change 4562 to 10 years??

 
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PatriciaV
Level 7

Turbo Tax has a 7 year depreciation for self employed equipment (boat) rental. The IRS says boats must be depreciated over 10 years. How to change 4562 to 10 years??

Yes, you can enter the depreciation information manually to select a 10-year class life.

  1. First, choose Intangibles, Other Property, then Other Asset Types
  2. On the Asset Class page, choose 10 year from the drop-down. 
  3. Unless you have information to the contrary, choose 200% Double Declining Balance
  4. Boats are Listed Property (check the blue link for more info). 
  5. You may be able to claim Section 179 or Special (Bonus) Depreciation, depending on when you purchased the asset and its business use percentage. 
  6. On the Asset Summary page, click "Show Details" to confirm depreciation was calculated as you expected.

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2 Replies
PatriciaV
Level 7

Turbo Tax has a 7 year depreciation for self employed equipment (boat) rental. The IRS says boats must be depreciated over 10 years. How to change 4562 to 10 years??

Yes, you can enter the depreciation information manually to select a 10-year class life.

  1. First, choose Intangibles, Other Property, then Other Asset Types
  2. On the Asset Class page, choose 10 year from the drop-down. 
  3. Unless you have information to the contrary, choose 200% Double Declining Balance
  4. Boats are Listed Property (check the blue link for more info). 
  5. You may be able to claim Section 179 or Special (Bonus) Depreciation, depending on when you purchased the asset and its business use percentage. 
  6. On the Asset Summary page, click "Show Details" to confirm depreciation was calculated as you expected.

View solution in original post

agcclc
New Member

Turbo Tax has a 7 year depreciation for self employed equipment (boat) rental. The IRS says boats must be depreciated over 10 years. How to change 4562 to 10 years??

This worked great.  Thank you very much for your help!!!
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