Per the IRS, "Water transportation equipment such as barges, tugs, and similar water transportation equipment have a class life of 18 years and a MACRS recovery period of 10 years. Fish tender vessels and fish processing vessels are considered water transportation equipment and should also be depreciated over a period of 10 years. Fishing boats, however, used in one's fishing trade or business is generally depreciated over 7 years."
For more information, please see this IRS link: https://www.irs.gov/businesses/small-businesses-self-employed/depreciation-and-amortization-for-the-...
In TurboTax, please
do the following:
- Click Business, then Continue
- How do you
want to enter your business income?, then I'll choose what I work on
- Business
Income and Expenses, click Start/Update
- Did you have
any income and expenses for a business in 2016?, click Yes
- First, let's
confirm your business name and address, click Continue
- Enter
Business Information, click Continue
- Tell us
about your business, click Continue
- Enter
Employer ID Number, If Any, click Continue
- Do you use
the cash method of accounting to run your business?, click Continue
- Did you make
any payments that required you to issue a form 1099?, click Continue
- Do any of
these uncommon situations apply to your business?, click Continue
- Let's
confirm your business info, click Continue
- Your
Business page
- Business
Assets
- Assets Being
Depreciated click Start
- In regards
to the type of asset: Intangibles, Other property
- Then Other asset type, click Continue
-
Tell Us About This Asset / Large Purchase, click Continue
- Asset Class, 7 year
