I was asked if I want to switch to standard $500 asset deduction so I clicked yes it switched everything to straight line depreciation. How do I change it back?

it was for a business cellphone I purchased. I tried deleting the asset and the entire section and redoing it but it's still the same. everything says 0% depreciation.

788

Level 15

Oct 3, 2023 6:09:11 AM

If the asset was under $2500 and you indicated that you will deduct the expense instead of depreciating it then that is what will happen. If you do want to depreciate it you must make the other choice. If you want to expense the phone then return to the expenses section to do that.

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I was asked if I want to switch to standard $500 asset deduction so I clicked yes it switched everything to straight line depreciation. How do I change it back?