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Life of asset for depreciation

Forum|Forum|4 years ago
March 18, 2022
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I put a washer/dryer in a rental unit 6 years ago. TurboTax says the life o the asset is 5 years. It should be 7. How can I correct that?

Best answer by DianeW777

The life of the asset is a five year recovery for appliances. This means that it's actually six years if the half year convention was used the first year, meaning there would be half of a year left in the sixth year.

If you chose to use the alternative depreciation system (ADS) class life then the recovery period would be longer (9 years) in IRS Publication 527. You may have to change the prior depreciation amount to the total amount you actually used in all prior years. Then TurboTax will calculate your depreciation for 2021.

D

DianeW777Answer

The life of the asset is a five year recovery for appliances. This means that it's actually six years if the half year convention was used the first year, meaning there would be half of a year left in the sixth year.

If you chose to use the alternative depreciation system (ADS) class life then the recovery period would be longer (9 years) in IRS Publication 527. You may have to change the prior depreciation amount to the total amount you actually used in all prior years. Then TurboTax will calculate your depreciation for 2021.

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