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sz7
New Member

How do I change the default asset depreciation from MACRS to SL?

I want to use 10 years straight line depreciation for a tractor versus 5 years MACRS. How do I change this in TurboTax Business 2023?
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1 Reply
KrisD15
Expert Alumni

How do I change the default asset depreciation from MACRS to SL?

Here are the directions for Home and Business

 

Enter the asset under "Intangibles, Other Property" on the "Describe This Asset" screen (don't enter as Farm Equipment nor Tools, Machinery) 

Select "Other asset type" for the "Tell Us a Little More" screen

Enter description, cost, and purchase date, CONTINUE

Select "I purchased this asset" and "Yes, used 100% for business"  if applicable and CONTINUE

On the next Screen select 10 year from the drop-down list CONTINUE

On the next screen select Straight Line from the drop-down and COINTINUE 

 

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