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I purchased a business in 2020, can i claim it as a depreciable asset?

I purchased an asset sale in California

Best answer by ColeenD3

It is better to enter each asset separately, in case you need to replace it, it is easy to swap an asset out.

In what form is the business? Did you purchase intangibles such as Goodwill, Going concern value, or Customer lists.

If you have a Sole Proprietorship you will need to update to the Self-Employed Edition.

Start or Update Depreciation of Assets, and answer Yes to the next screen.
Then select Add An Asset. Enter the trademark name and the date you acquired it on the Tell Us About This Asset Screen.
On the Describe This Asset screen, select Other.
On the Tell Us a Little More screen, select Amortizable Intangibles.
On the next screen, enter the amount you paid for the trademark. Do not check the box for This asset was new...
What kind of intangible is Section 197 intangibles. TurboTax does the rest.

If you purchased assets such as machinery that you use in your business, then yes, use depreciation.