new equipment purchase over $2500

You would report this as a business asset to be depreciated. if using Turbo Tax Home and Business software, you will go the Business Asset Section and start entering information about the machinery. You will eventually get to a page that asks you if you want take the full 179 deduction for this year or if you wish to spread the cost over several years. You also have a choice to take a partial 179 deduction for the year.

If you are using Turbo Tax Self-Employed. After you enter your information and begin working on your expenses, select the asset tag as one of the expenses you are wishing to claim plus any other expense that is listed on that page. When yo begin working in this section, just answer the questions to complete reporting your machinery. You will eventually get to a page that asks you if you want take the full 179 deduction for this year or if you wish to spread the cost over several years. You also have a choice to take a partial 179 deduction for the year.