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Updated over 8 years ago, 04/07/2016

User Stats

38
Posts
5
Votes
Vlad K.
  • Investor
  • Berkeley, CA
5
Votes |
38
Posts

Changing Depreciation Schedule

Vlad K.
  • Investor
  • Berkeley, CA
Posted

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?

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