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April 14, 2025
Question

how do i change the total years of deprecation that was changed

  • April 14, 2025
  • 1 reply
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my asset was set for 5 years but somehow while editing for final review it was switched to 7 years and i dont know how to change it back

    1 reply

    April 14, 2025

    In TurboTax Premium Online, within the self-employment activity, the depreciation characteristics are determined at the screens Describe This Asset and Tell Us a Little More.

     

    To review the asset under Self-employment income, follow these directions.

     

    1. Down the left side of the screen, click Federal.
    2. Down the left side of the screen, click Wages & Income.
    3. Click on the drop down arrow to the right of Self-employment.
    4. Click to the right of Self-employment income and expenses.
    5. At the screen Your 2024 self-employed work summary, select Edit.
    6. At the screen Here's your info, click the pencil icon to the right of Assets.
    7. At the screen Do you want to go directly to your asset summary, select Yes.
    8. At the screen Business Asset Summary, select Edit to the right of the asset to review.

     

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