You'll need to sign in or create an account to connect with an expert.
I think it would be depreciated over 20 years (see link, asset class 49.11).
https://www.irs.gov/pub/irs-pdf/p946.pdf#page=108
When you enter the asset, select 'Intangibles, Other Assets', then 'Other' on the next screen (see pictures). Then enter it as a 20 year asset class (technically, that may not be right, but it will make the program work for this purpose).
Doing this will NOT make the depreciation for the "Alternative Depreciation System" (AMT) correct. If you are subject to AMT (or ever will be in the future), you will need to need the CD/downloaded version, go into the Asset Entry Worksheet via "Forms Mode", and manually override the "20" years for AMT to "50". That will give an error and you may need to file by mail.
I think it would be depreciated over 20 years (see link, asset class 49.11).
https://www.irs.gov/pub/irs-pdf/p946.pdf#page=108
When you enter the asset, select 'Intangibles, Other Assets', then 'Other' on the next screen (see pictures). Then enter it as a 20 year asset class (technically, that may not be right, but it will make the program work for this purpose).
Doing this will NOT make the depreciation for the "Alternative Depreciation System" (AMT) correct. If you are subject to AMT (or ever will be in the future), you will need to need the CD/downloaded version, go into the Asset Entry Worksheet via "Forms Mode", and manually override the "20" years for AMT to "50". That will give an error and you may need to file by mail.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
9892b013e67d
New Member
rumbleystoner420
New Member
rob-phx602
New Member
joncab4
New Member
danachavez53
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.