Question

How to Report Shop Hand Tools on 1099

Forum|Forum|5 years ago
May 12, 2021
1 reply
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I had purchased several hand tools for my sign business in 2020. Should I list each tool and its cost individually in expenses? Or would it be better to just combine all of the costs and simply report it as "Shop tools" with the total amount?

Thank you in advance.

TurboTax Home & Biz Windows

VolvoGirl

Employee

How much were they? If one item was over 2,500 you add it as an Asset. Otherwise you can just enter the total under Supplies or as Other Misc Exp. I put my small tools total under Other, Schedule C line 27a.

I

iogen70Author

The prices vary from $2 to $100. Things like wrenches, razor blades, utility knives on the low end and an impact wrench for $100 on the upper end. Should I just lump them all together? Thank you very much.

VolvoGirl

Employee

Yes, that's what I do. Just enter the total. Keep a backup list of the individual items. I use Quicken to track business expenses. Then just enter the totals into Turbo Tax.