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akhejl
New Member

Where can I go in on the asset info and CHANGE how many years to fully depreciate my pieces of farm equipment?

I started new business this year. All my equipment comes up automatically with a 7 year to depreciate...can I change to 3 and if so, how?
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Where can I go in on the asset info and CHANGE how many years to fully depreciate my pieces of farm equipment?

Equipment is 7 year property  so either you leave it at 7 years  OR  take a 179 deduction for all/part of the cost  OR  use the 100% bonus depreciation.  Save a PDF of the return and take a look at the form 4562 to see what the program has already taken ... unless you opted out of the bonus depreciation that is what is automatically taken.

 

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