How would you depreciate a used ATV (i.e. Quad Bike) for Federal & California?
Hi tax friends, I am seeking some wisdom in depreciating a used ATV I bought last year for my farm (I'm filing schedule F). The federal guidance is pretty clear: I should depreciate over 7 years using 200DB. I am facing two issues here:
- When I select "Farm Equipment" in Turbotax, it defaults to using 5 year. Do I need to select "Other Property" and manually select 7 years?
- For California, Turbotax keeps switching the 200DB over to 150DB, and I have no idea why. Should I keep this setting or should I go manually edit the asset in forms view?
I'd really appreciate any help and input on this!!