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How do I switch to straight line depreciation in TurboTax Self Employed?

 
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1 Reply
JamesG1
Expert Alumni

How do I switch to straight line depreciation in TurboTax Self Employed?

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
  • There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
  • At the screen Asset summary, click Show Details to view the asset entry.
  • Continue going through all screens until you get back to your summary screen showing your complete list of assets

To switch an asset from one method to straight line, you will need to enter the new asset, then delete the old asset after you are satisfied that the information has been entered correctly.

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