I am an S Corp using Turbo Tax Business.
The software is depreciating my van with 200 DB-HY. I want to use straight line depreciation. How do I switch it?
To enter an asset using straight-line depreciation, use these steps:
Navigate to the area of your tax return where you want to enter a depreciable asset
Click Add an Asset
On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
On the screen titled Tell Us a Little More, choose Other asset type then click Continue
On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
On the next screen, continue adding details regarding the asset and click Continue
Next, choose the appropriate asset class (class life) and click Continue
Depending on the date the asset was placed in service, there may be an additional screen asking for more information
Next, choose the Straight Line depreciation method, then click Continue