TaxGuyBill
Level 15
09-27-2023
03:57 PM
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@lyndaj0331 wrote:
No, I apologize for not being more specific. I am asking how to handle the asset entry worksheet. The recovery period is being changed from 27.5 to 5 years. The asset class is 57. Thank you
All you do is change the category to Distributive Trades. And for the "prior depreciation", you enter the adjusted amount (after the adjustment from the 3115), so it reflects what SHOULD have been taken based on five years (and that is what the 3115 is correcting).
