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Level 2
posted Apr 5, 2021 12:00:39 PM

auto depreciation

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?

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3 Replies
Level 1
Apr 5, 2021 12:14:46 PM

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

Level 2
Apr 5, 2021 12:41:34 PM

I followed your instructions.  I only see MACRS, ACRS, non-recovery property, amortization and 168 as options.  No straight line.

Expert Alumni
Apr 6, 2021 8:55:08 AM

Here are two screen shots.