how do I change the asset life of prior purchased asset to 150DB20?

Forum|Forum|1 year ago
March 12, 2025
1 reply
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Turbo Tax want to use 5 year or 27.5 year life. Needs to be 20 year life. How to input correctly?

Best answer by AmeliesUncle

Is this a farm?

Any chance it gives you the category for "farm buildings"?

If that isn't on there, you may need to select that it is an "other" asset, then "other" again. Then you would manually enter the information, including 150%DB and the 20 year Recovery Period.

DaveF1006

To clarify, what type of asset is it?

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gehornbacherAuthor

Barn doors installed in 2013. CPA said then 150DB20 was correct depreciation method. Assume is building improvement. Remember didn't like the 20 year depreciation method. Thanks.

AmeliesUncleAnswer

Is this a farm?

Any chance it gives you the category for "farm buildings"?

If that isn't on there, you may need to select that it is an "other" asset, then "other" again. Then you would manually enter the information, including 150%DB and the 20 year Recovery Period.