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??

agcclc · ‎June 5, 2019

PatriciaV · ‎June 5, 2019

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

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

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PatriciaV · ‎June 5, 2019

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

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

agcclc · ‎June 5, 2019

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

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