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Updated over 8 years ago, 04/07/2016
Changing Depreciation Schedule
I had an accountant prepare my taxes a few years ago and she depreciated some water heaters using a 15 year schedule. I followed suit and did the same thing when I did my taxes last year. Now I'm using TurboTax and it is saying that it should be a 5 year depreciation. TurboTax let me enter what I've paid so far and the depreciated this year based on a 5 year schedule. Is it OK to switch?
TLDR: Can you switch the length of time over which you depreciate once you've started?