Depreciable life

daubenh — Mon, 27 Apr 2020 23:20:34 GMT

I have farm assets (trucks) that I am adding to depreciation but TT assigns them 7yr lives. How do I change or override to 5yr life?

Re: Depreciable life

AnnetteB6 — Fri, 01 May 2020 20:51:16 GMT

In order to enter depreciation for an asset without using the values assigned as you go through the TurboTax screens, you will need to enter all aspects of the depreciation manually.

Here is a guide for how to go about entering depreciation when starting from the point of adding an asset on the page titled Describe This Asset:

Choose the last option on the list, Intangibles, Other Property, then click Continue.
On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
Enter the detailed information about the asset: description, cost, date purchased or acquired. Click Continue.
Continue with additional details on the next screen, then click Continue.
Select the appropriate Asset Class, then click Continue.
Choose the MACRS Convention, then click Continue.
Select the Depreciation Method, then click Continue.
Answer the question regarding Listed Property, then click Continue. There may be some additional background questions as well, keep going.
You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
Finally, you will see an Asset Summary screen with the current year depreciation amount listed. There is also a check-box here to Show Details. This will open a full description for the asset so you can verify that it matches the previously reported information (if you are duplicating prior depreciation not in a TurboTax return). If it does not, you can choose to go Back and re-enter the data that needs to be changed.

@daubenh

topic Depreciable life in Get your taxes done using TurboTax

Depreciable life

Re: Depreciable life