How to change the depreciation period for truck place in service last year from 3 to 7 years in 1120S

[TaxGuyBill · Accepted solution]

If it was "placed in service" last year, you would amend last year's tax return to do that, and change the type of asset that it is so it has the proper recovery period.

However, are you sure that 7 years is correct?  That seems unusual.  If you are unsure, give details about what kind of truck it is and what it is used for.

[rbynaker]

Maybe average the two, try 5 years...