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pidgeotto101
April 17, 2023
Question

How would you depreciate a used ATV (i.e. Quad Bike) for Federal & California?

  • April 17, 2023
  • 1 reply
  • 0 views

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:

 

  1. 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?
  2. 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!!

1 reply

KrisD15
April 17, 2023

1. Yes, to select 7 years you would need to select "Other"

2. California does not conform to using 200DB Depreciation. 

 

According to the State of California:

“California law has not always conformed to federal law regarding depreciation methods, special credits, or accelerated write-offs.”

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